SINGAPORE: China’s oil imports fell in September by 0.6% from a year earlier, data showed on Monday, as plants curbed purchases because of weak domestic fuel demand and narrowing export margins.
The world’s largest crude oil importer brought in 45.49 million metric tons in September, or about 11.07 million barrels per day (bpd), data from the General Administration of Customs showed.
This was the fifth straight month that shipments were less than the year before, with imports in September 2023 at 11.13 million bpd. They also declined from 11.56 million bpd in August.
Year-to-date imports totaled 412.39 million tons, or 10.99 million bpd, down 2.8% versus the year-ago period, the data showed.
Imports declined even as China’s newest refiner Shandong Yulong Petrochemical started up one of its two 200,000 bpd crude units in late September.
However, many smaller plants in Shandong province, where Yulong is based, are dealing with sluggish fuel consumption particularly for diesel fuel.
Between January and September this year, Chinese diesel consumption was less than the year before in every month except for August, according to consultancy Sublime China Information.
China’s August crude oil imports fall 7% on weak demand, refining margins
Monday’s customs data also showed China’s natural gas imports last month were up 18.1% from a year earlier to 11.99 million metric tons, bringing year-to-date purchases to 99.08 million tons, or 13% higher than year-earlier levels.
Exports of refined oil products, which include diesel, gasoline, aviation fuel and marine fuel, were at 5.19 million tons, down 4.6% from a year earlier and versus 4.92 million tons in August.
Exports for the first nine months dropped 5.7% on the year to 45.2 million tons.
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