Business · Energy & Commodities · 2 hrs ago
China’s crude oil imports reach a seven-month high in October
China’s crude oil imports hit a seven-month high in October, reaching about 42 million tonnes, according to customs data.
The increase came as shipments from the Persian Gulf recovered, with Iraqi oil shipments driving much of the rise.
Imports remained 13% below the same month last year as the war on Iran continued to restrict supplies.
The figures show a partial recovery, not a return to last year’s import levels.
A sharp fall in oil prices after the US midterm elections could draw more buyers back to the market.
That may happen especially if a Democratic sweep of Congress helps resolve the conflict, the report said.
China’s crude oil imports reached a seven-month high in October as shipments from the Persian Gulf recovered.
Imports rose to about 42 million tons, according to customs data released Tuesday.
The increase was driven by shipments of Iraqi oil.
Imports were still 13% lower than a year earlier, with the war on Iran continuing to constrain supplies.
China’s petroleum product exports rose 15% to more than 5 million tons, although they fell from the previous month.
- Who
- China.
- What
- Crude oil imports reached a seven-month high, rising to about 42 million tons.
- When
- October; the customs data was released Tuesday.
- Where
- China; shipments recovered from the Persian Gulf.
- Why
- A recovery in Persian Gulf shipments, driven by Iraqi oil, lifted imports. The war on Iran continued to constrain supplies.
This story does not have two clearly opposing sides.
China’s crude oil imports rose to a seven-month high as shipments from the Persian Gulf recovered.
Customs data showing the increase was released.
- Crude oil imports
- About 42 million tons in October
- Import level
- Seven-month high
- Year-on-year change
- 13% lower
- Main driver
- Shipments of Iraqi oil
- Petroleum product exports
- Up 15% to more than 5 million tons