• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 7 mins Climate Change: A Summer of Storms and Smog Is Coming
  • 1 day The Quick Read On MBS's Tour of Pakistan, India And China
  • 1 day BMW to add 2,000 more jobs at Dingolfing plant
  • 1 day Iran Starts Gulf War Games, To Test Submarine-Launched Missiles
  • 1 day Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 2 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 6 hours Washington Eyes Crackdown On OPEC
  • 1 day Saudi A to Splash $100 Bln on India
  • 2 days Itt looks like natural gas may be at its lowest price ever.
  • 2 days NEW FERUKA REFINERY
  • 1 day Venezuela: Nicolas Maduro closes border with Brazil
  • 6 hours Can the World Survive without Saudi Oil?
  • 24 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
Alt Text

Kicking Mexico’s Addiction To U.S. Natural Gas

Mexico’s President Andres Manuel Lopez…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

China’s Oil Inventories Rise 416.7% In One Month

Crude oil stockpiles in China rose by 29.09 million barrels last month from a month before and are likely to continue up, S&P Global Platts calculations have suggested. The inventory build was a result of rising imports combined with lower refinery activity, which led to the 416.7-percent surge in October from September.

On an annual basis, crude oil supply in October rose 21.3 percent to 415.96 million barrels, S&P Global Platts also said, noting the monthly increase in total supply was a lot more modest than the jump in inventories, at 8.9 percent, mostly as a result of higher imports.

China’s crude oil imports averaged 9.61 million barrels a day last month, customs data cited by Reuters revealed earlier this month, with the agency noting the amount is the highest on record. Once again, it was the independent refiners, or teapots, that drove the increase as they seek to fulfill their import quotas before they expire.

The total October volume of imports hit 40.80 million tons, of which teapots imported 8.22 million tons. Yet this was lower than the teapots’ intake as forecast by S&P Platts last month, which was 9 million tons. It was, however, substantially higher than the 7.26 million tons independent Chinese refiners imported in September. Related: Natural Gas Price Explosion Bankrupts Traders

At the same time, refinery throughputs also rose substantially in October, S&P Global Platts notes, citing official data. These hit 386.88 million barrels for the month, up 4.6 percent on October 2017.

Although the stockpile numbers seem impressive, for the first nine months of the year China’s oil stocks rose by a total 197 million barrels of crude, which was lower than the increase for the respective period of 2017: between January and October 2017, stockpiles of crude rose by as much as 266 million barrels.

Although China does not release official information about its crude oil inventories, it does release production and import data, which is used by data analysts and news providers to make plausible calculations of the inventory situation in one of the world’s top consumers of oil.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Dan Foster on November 20 2018 said:
    Why not? Canada is giving it away.
  • Greg on November 20 2018 said:
    Your headline, common.... Platts: "The STOCKBUILD in October surged 416.7% from the BUILD in September, and contrasted sharply to a draw of 26.81 million barrels".....

    vs. China’s Oil Inventories Rise 416.7% In One Month, author bias anyone.

Leave a comment




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