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OIL: China Crude Imports Slip in September

OIL
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China’s seaborne crude imports fell from August’s year-to-date high to 9.7 mbd in September according to Vortexa.

  • Implied refinery runs in September were 15.3mbd, a 5% y/y decline its figures showed.
  • Chinese refiners have increasingly turned to discounted Iranian barrels to improve margins- 27% higher y/y Jan-Sep.
  • China’s Iranian crude imports hit a record high of over 1.65mbd in August but Shandong refiners are expected to cut run rates in Q4, hampering demand.
  • Iranian crude imports already fell to 1.4mbd in September and are expected to slip further below the year-to-date (1.35mbd) average in October.

Source: Vortexa

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China’s seaborne crude imports fell from August’s year-to-date high to 9.7 mbd in September according to Vortexa.

  • Implied refinery runs in September were 15.3mbd, a 5% y/y decline its figures showed.
  • Chinese refiners have increasingly turned to discounted Iranian barrels to improve margins- 27% higher y/y Jan-Sep.
  • China’s Iranian crude imports hit a record high of over 1.65mbd in August but Shandong refiners are expected to cut run rates in Q4, hampering demand.
  • Iranian crude imports already fell to 1.4mbd in September and are expected to slip further below the year-to-date (1.35mbd) average in October.

Source: Vortexa