China Rebuilds Oil Reserves as August Crude Imports Climb
Chinese crude imports rose 2.2 million tons in August to 37.9 million tons, a second straight monthly increase, supporting efforts to refill oil inventories.
China’s crude oil imports increased by 2.2 million tons in August to 37.9 million tons, the second consecutive monthly rise. The two-month gain now totals about 9.0 million tons, equivalent to roughly a 33% recovery from the cumulative decline recorded between January and July.
The additional crude supply has also allowed China to boost overseas fuel sales. Exports of gasoline and diesel jumped 29% last month.
Still, imports remain down 23% from a year earlier and about 32% below this year’s peak. China’s overall oil inventories are estimated above 1.2 billion barrels, giving the country room to scale back purchases if prices climb.
Source: The Kobeissi Letter