Refinery start-ups and stabilizing refining margins drove China’s crude oil imports to a document excessive in October, Chinese language customs knowledge showed on Friday.
The world’s prime oil importer elevated its crude consumption in October by 11.5 p.c in comparison with the identical month final 12 months, to a median of 10.72 million barrels per day (bpd), based on Reuters calculations based mostly on China’s authorities knowledge.
The October imports simply beat the import determine from September, when China imported 10.04 million bpd. China’s whole oil imports rose by 11 percent on the 12 months in September. This was the primary time since April that crude oil imports had topped 10 million bpd, earlier than the record-breaking month of October.
Regardless of fluctuating refining margins in current months and a glut of refined oil merchandise, demand for crude in China continues to develop, additionally because of Hengli Petrochemical, which had a brand new refinery start up earlier this year and ramped as much as full 400,000-bpd capability on the finish of Could. One other 400,000-bpd refinery, of Zhejiang Petrochemical, started…