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Chinese crude oil imports revised down in October 2018

Gasoil News - Published on Wed, 05 Dec 2018

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General Administration of Customs released showed that China’s crude oil imports from the US fell to zero in October for the first time since February 2017. The country’s crude imports from Iran dropped 64% YoY to 1.05 million tonnes or 248,000 b/d in the month. Imports from Russia rose 58% over the same period to 7.35 million tonnes or 1.74 million b/d, China’s highest monthly import volume on record from a single producer. That volume was also 54% higher than imports from second-largest supplier Saudi Arabia in October. The OPEC leading producer sent 4.77 million tonnes to China in the month, up 3.4% on year.

GAC revised down its crude oil imports data for October to 38.88 million mt from the initial 40.8 million tonnes total released November 8. It did not indicate the reason for the revision.

Accordingly, it revised China’s crude imports over January-October to 375.25 million tonnes or 9.05 million b/d, from 9.09 million b/d on November 8.

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Posted By : Joykumar Irom on Wed, 05 Dec 2018
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