China Set for Oil Influx Just as Covid Measures Hit Demand
- October-loading supply headed to China at highest in months
- Nation sticks to zero tolerance on Covid despite easing rumors
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China looks set to receive an influx of seaborne crude oil in the coming weeks as cargoes bought before its latest Covid shutdowns head for the nation’s ports.
Exporter countries loaded almost 9.3 million barrels a day of oil for China in October, tanker-tracking data compiled by Bloomberg show. The figure, almost 500,000 barrels a day more than September, is the highest since at least December. It will almost certainly get revised up as more ships declare their destinations.