China’s crude imports hit 15-month high in November – JLC

China imported 11.81 million b/d of crude oil in November, up from 10.53 million b/d imported in October, market intelligence provider JLC reported citing data from the General Administration of Customs (GACC).

PHOTO: An oil pump jack photographed at dusk, with the Chinese flag in the background. Getty Images

Chinese crude oil imports in November gained by 12.18% from October, JLC reported. “This was the highest [crude imports] level since August 2023,” JLC said.

The country imported about 48.52 million mt of crude in November, about 14% higher on a year-on-year comparison, according to JLC.

The higher crude imports level in November could be ascribed to lower prices in September when orders were placed, JLC said.

China’s total crude oil imports in the first eleven months of this year were about 505.6 million mt, down by 2% from the same period last year, JLC reported.

Overall, the country’s crude oil demand has declined this year, “mainly because of fast development of alternative energy,” JLC said. The slowdown in crude imports directly reflects this apparent slump in oil demand growth in the world’s second-largest crude oil-consuming nation and has put downward pressure on Brent prices.

By Aparupa Mazumder

Please get in touch with comments or additional info to news@engine.online