China increased its oil imports in October, buoyed by the authorities’ hike in fuel export quotas in an effort to revive the economy of the outbreak-hit country.
According to data from the Chinese customs administration released on Monday, imports of the world’s largest crude oil importer reached 43.14 million tons. in October, equivalent to 10.2 million barrels per day, 4% in more than September levels and the largest since May.
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Beijing issued 15 million tons of fuel export quotas at the end of September and the impact on data on crude oil imports is expected to last for a few months, as 9.3 million barrels per year were loaded in October. oil day to head in China, the highest since December 2021, according to Tanker tracking data collected by Bloomberg.
Separate data released today by Oil Chem revealed that despite rising export quotas, China’s net fuel exports fell by 43% in October compared to the previous month.
However, the decline in net fuel exports is widely expected as refineries take time to import crude oil, process it in products such as diesel and gasoline and then export it overseas.
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