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China’s Seaborne Crude Imports Suggest Weaker Demand

OIL

Chinese seaborne crude imports are slowing this month and may have fallen below 10mbpd, Rohit Rathod, senior oil market analyst at Vortexa said, indicating demand weakness.

  • Crude imports into China have gradually fallen from levels around 11mbpd in August. Preliminary data for January suggests imports are below 10mbpd, he said.
  • "We have definitely seen some weakness in Chinese demand," Rathod said.
  • The Chinese government has issued crude import quotas for the whole of 2024 - unlike last year when they were given out in batches. "Despite that, there is a lack of imports," Rathod said.
  • Chinese onshore inventories were also sluggish in December without much draw, he added.
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