CHINA-ECONOMY: OIL IMPORTS
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China’s Customs data showed (November 8) that crude oil imports rose to all-time high on a daily basis in October, supported by record demand from private refiners and healthy margins. Data from the General Administration of Customs showed that imports in October surged 32 percent from a year earlier to 40.80 million tonnes, or 9.61 million barrels per day (bpd), climbing from 9.05 million bpd in September. The previous daily record of 9.60 million bpd was touched in April 2018. The imports rose 8.1 percent for the first 10 months of the year from the same period last year to 377.16 million tonnes, or 9.06 million bpd, on track for another record year of shipments. The record volumes were a result of strong imports from China’s private refiners, often known as “teapots.”
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