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China’s crude oil imports fell to a three-year low in October, Reuters reported

© Reuters. PHOTO PHOTO: A crude oil is seen in Qingdao port, Shandong province, China, on April 21, 2019. REUTERS / Jason Lee / Photo File

BEIJING (Reuters) – China’s imports fell in October from September 2018, when major state-owned refiners held back on purchases due to rising prices, while independent refineries were limited by limited import quotas.

The world’s largest importer of crude oil brought in 37.8 million tonnes last month, data from the General Administration of Customs showed on Sunday, equivalent to 8.9 million barrels (bpd) per day.

That is down from 9.99 million bpd in September and 10.02 million bpd in the same period last year.

Between January and October, gross revenue was 425.06 million tonnes or 10.21 million bpd, down 7.2% year-on-year, according to customs data.

Crude oil imports fell for the second month in a month and a drop in 62% rise in crude oil prices this year as economies open up worldwide from the COVID-19 pandemic cuts, boosting fuel demand.

Beijing also repressed the illegal trade in crude oil quotas and import subsidies for independent oil refiners.

Chart: China’s crude oil imports – https://graphics.reuters.com/CHINA-CRUDEOIL/IMPORTS/xmpjorloqvr/chart.png

Sunday’s customs data also showed China’s exports of refined petroleum products fell 31.8% in October to 3.95 million tonnes a year.

Imports of natural gas, including piped and liquefied natural gas (LNG), stood at 9.38 million tonnes in October, 24.6% more than a year earlier.

Oil imports are likely to rise in November as refineries face a shortage of fuel oil and gasoline supplies that have raised fuel prices.

In addition, Beijing has allocated 14.89 million tons of crude oil import quotas to independent refineries for the remainder of 2021, and China’s Zhejiang Petrochemical Corp (ZPC), the operator of China’s largest refinery, has received a separate 12 million tonne quota.

Chart: Chinese diesel and gasoline prices – https://fingfx.thomsonreuters.com/gfx/ce/zgpomkbbapd/China%20diesel%20gasoline%20prices.jpg

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