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OIL
Asian crude imports slipped for a second consecutive month in September to 24.95mn bpd according to data compiled by LSEG.
- The figure was down from August’s pace of 25.22mn bpd.
- July was Asia’s strongest import pace this year at 27.92mn bpd.
- Asia’s imports have slowed down ahead of seasonal refinery maintenance which starts in September and lasts through October.
- Higher crude prices due to OPEC+ cuts have also reduced buying activity.
- China imported 11.53 million bpd of crude in September, down from August's 12.49 million bpd, according to LSEG data. High inventory levels in the country give refiners flexibility around crude import levels while prices are high and still take advantage of strong oil product export margins.
- Russia was China's top supplier in September, providing 1.81 million bpd, surpassing the 1.44 million bpd from Saudi Arabia as Chinese refiners still heavily target discounted barrels.
- Russian discounts to China were only $4-5/bbl in September versus $5-6/bbl in August.
source: Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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