• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 5 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 1 hour Trump eyes massive expulsion of suspected Chinese spies
  • 34 mins >>The falling of the Persian Gulf oil empires is near <<
  • 53 mins A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 3 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 9 hours KSA taking Missiles from ?
  • 7 hours America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 11 hours Where's the storage?
  • 23 mins TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 11 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 14 hours China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 11 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
  • 15 hours Wait till America opens their Q1 401k Investment Statements and see they have lost 35% of their retirement savings. They can blame the Authoritarian Chinese Communist Party..
Alt Text

Trump’s Ultimate Weapon To End The Oil War

The pressure is increasing on…

Alt Text

The Permian Boom Is Going Bust

Oil companies are already beginning…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

China’s Oil Imports Jump To 4-Month High In September

China imported 9.05 million bpd of crude oil in September, for a total of 37.12 million tons, which was the highest rate of crude oil intake since May, Reuters reports, citing data from the Chinese customs administration. The amount was 10,000 bpd higher than the August import rate and was also the third monthly increase in a row as teapot refiners prepare for winter.

For the first nine months, crude oil imports into China rose 6 percent on the year to 8.98 million bpd, or a total of 336 million tons, which is in line with projections about Chinese oil demand, despite worry that demand would slow down this year because of a domestic fuel glut.

However, an oil trader told Reuters that refinery run rates have been on the rise last month, suggesting demand for fuels was improving. “With stable fuel demand, we have been scooping up crude oil, pushing up premiums of some crude grades,” the source said, but some local refiners have begun to worry about where oil prices are headed, expecting slimmer profit margins as a result.

Such a development would add to other problems teapots have been tackling recently, after Beijing enacted a tax reform that closed several loops the independent refiners had at their disposal to reduce their tax burden thanks to friendly provincial regulations. Yet at the same time, the central government plans to raise independent refineries’ crude oil import quotas for next year, which suggests healthy demand expectations.

Related: Trump Insiders Ramp Up Rhetoric Against Russian Energy

As for the source of these imports, there have been a couple of interesting developments lately: earlier this month it emerged China had cut U.S. oil imports to zero in August amid the deepening trade row, but at the same time it has turned its attention further north, to Canadian crude.

Chinese refiners are buying more and more very cheap heavy Canadian crude oil to make up for the dwindling supply of Venezuela’s heavy grades as China’s road construction sector—a key consumer of the heavy oil’s bitumen yield—is booming. Canadian crude is trading at a discount of as much as US$50 to WTI.

By Irina Slav for Oilprice.com

More Top Reads From Oiprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment
  • Brandon Johnson on October 17 2018 said:
    9.05 mBpd is massive if confirmed! Thanks for this article.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News