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China

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China's total crude imports from all countries rose by 367,000 b/d versus September to 10.2 million b/d in October — their highest level in five months. September crude runs surged by 1.2 million b/d from August and held more or less steady in October, dipping by just 20,000 b/d to 13.86 million b/d. However, November crude flows into the country appear to be outpacing refineries’ demand for feedstock, with more crude flowing into inventories than has been withdrawn from stocks for processing. China landed 1.82 million b/d of Russian crude in October, up just 1,000 b/d from September. But compared to October 2021, imports spiked by 253,000 b/d. Over the first 10 months of this year China imported an average of 1.74 million b/d of Russian crude, which was 151,000 b/d higher than in the same period of last year. Chinese imports of crude from the UAE also surged by 569,000 b/d from September's unusually low volumes to hit 997,000 b/d in October — their highest level since November 2021. China imported an average of 790,000 b/d of UAE crude in the first 10 months of this year, an increase of 217,000 b/d versus the same period of last year.

Topics:
Oil Trade, Oil Demand, Crude Oil
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