*China imported 11.58mn b/d of crude oil in October, up 400,000 b/d on September and almost 1.4mn b/d on a year earlier, though only modestly above the year-to-date average. At an average 11.41mn b/d for the first ten months of 2023 volumes are up 14.5% year-on-year and on track to smash the previous annual record of 10.86mn b/d set in 2020.
*Crude supply has been boosted in recent months by a stocks drawdown. Having hit an end-month record of 1.006bn barrels at end-July, crude stocks have since fallen by 60mn b/d (650,000 b/d) to stand at 946mn barrels at end-October, according to data intelligence firm Kpler. (CONTINUED - 324 WORDS)
