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OIL: China Crude Imports Rise Amid Lower Crude Prices and Improved Margins

OIL
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China August crude import volumes were down 7% y/y but increased 16% on the month to 49.1m tons, supported by increased Iranian supplies amid lower crude oil prices and a slight recovery in refining margins.

  • Daily crude oil imports rose to the highest since August 2023 at 11.56mbpd last month, according to General Administration of Customs data.
  • Imports for the January-August period fell 3.1% on the year to 367m tons due to a slowing economy and rapid electric vehicles expansion.
  • "Independent runs have been on the rise for six consecutive weeks since late July, echoing the decline of crude prices. State-owned refinery runs have also been on a mild upward trajectory since late July, even against the backdrop of the autumn maintenance season that began in late August," said Lin Ye at Rystad Energy.
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China August crude import volumes were down 7% y/y but increased 16% on the month to 49.1m tons, supported by increased Iranian supplies amid lower crude oil prices and a slight recovery in refining margins.

  • Daily crude oil imports rose to the highest since August 2023 at 11.56mbpd last month, according to General Administration of Customs data.
  • Imports for the January-August period fell 3.1% on the year to 367m tons due to a slowing economy and rapid electric vehicles expansion.
  • "Independent runs have been on the rise for six consecutive weeks since late July, echoing the decline of crude prices. State-owned refinery runs have also been on a mild upward trajectory since late July, even against the backdrop of the autumn maintenance season that began in late August," said Lin Ye at Rystad Energy.