Chinese crude oil imports continue to increase

In October, China alone has imported 6.21 million barrels of crude oil per day. The volume is 9% less than previous month, the figure is 9% up on the year and year figure.

China's total oil imports 275 million tons since the beginning of the year, which likewise corresponds to a 9% increase year-on-year, notes Commerzbank.

These figures show no evidence of any weakening of Chinese oil demand, in other words. The somewhat weaker figure in October is doubtless due to the festival week early that month, with imports having been brought forward ahead of it.