China's crude oil imports jumped by 13.5% year-over-year in October thanks to stronger fuel demand and a fresh batch of oil import quotas.
Stronger fuel demand due to a week-long holiday and a fresh batch of oil import quotas boosted China’s crude oil imports by 13.5% year-over-year in October, customs data showed on Tuesday. China imported 11.53 million barrels per day bpd of crude oil last month, slightly up compared to 11.13 million bpd in September, but much higher than in October 2022, when the world’s top crude oil importer was still under strict Covid-related travel restrictions, per Chinese customs data crunched by Reuters.
The still robust crude oil imports in September were the result of refiners stocking up ahead of a week-long holiday in China between the end of September and early October, in which travel typically accelerates and fuel demand rises. The so-called Golden Week holiday saw Chinese refiners importing robust volumes of crude in October, too. Gasoline and jet fuel demand surged during the holiday as travelers within mainland China made 4.
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