*Chinese crude imports of 11.61mn b/d for August were the highest this year but still over 860,000 b/d below last August’s bumper figure of 12.47mn b/d. With the first eight months of 2023 having seen four 12mn b/d-plus figures, versus none so far this year, year-to-date average volumes of 11.02mn b/d are down 3.5% year-on year.
*Though the August uptick was seemingly spurred by a boost in imports by independent refiners on lower prices, most international observers remain bearish on Chinese oil demand. The IEA, Opec and the EIA all this week revised down their China 2024 demand growth estimates: the EIA is now forecasting Chinese demand growth of just 100,000 b/d for 2024 and the IEA 180,000 b/d (MEES, 13 September). (CONTINUED - 233 WORDS)
