China imported 10.57mn b/d of crude in October, the second lowest monthly figure this year, down 540,000 b/d on September’s 11.11mn b/d and almost 1mn b/d below the year-ago figure of 11.56mn b/d. Year-to-date imports at 10.98mn b/d for 10M 2024 are down 3.8% year-on-year.
Weak Chinese, and indeed global, demand growth has been a key factor behind the delayed unwinding of Opec+ output cuts (MEES, 8 November). The IEA, in its latest Oil Market Report on 15 October, again downgraded its 2024 China demand growth forecast to 150,000 b/d, ‘Exhibit A’ in its overall bearish take on global demand (MEES, 18 October). (CONTINUED - 317 WORDS)