China’s crude imports dropped in September– JLC

China imported 11.07 million b/d of crude oil in September, down from 11.56 million b/d imported in August, market intelligence provider JLC reported citing data from the General Administration of Customs (GACC).

PHOTO: Oil pump jacks with the Chinese flag in the background. Getty Images

Chinese crude oil imports in September declined by about 4% from August, JLC reported.

The country imported about 45.49 million mt of crude in September, about 1% lower on a year-on-year comparison, according to JLC.

“China’s crude imports have declined this year, mainly due to a fall in its diesel demand amid a sluggish real estate industry and more impact from LNG,” JLC reported.

The drop in China's crude imports indicates a slowdown in oil demand growth in the world’s second-largest crude oil-consuming nation, putting downward pressure on Brent’s price.

The country’s total crude oil imports in the first nine months of this year were about 412.4 million mt, down by 3% from the same period last year, JLC reported.

By Aparupa Mazumder

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