Chinese Oil Imports Jump to Five-Month High on Quota Impact
- Crude purchases rose 4% in October from the previous month
- Beijing issued additional fuel-export quota in late September
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China stepped up oil imports last month after the government released more fuel-export quota in an attempt to help revive the country’s virus-battered economy.
The world’s biggest crude importer bought 43.14 million tons in October, according to customs data released Monday. That equates to 10.2 million barrels a day, which is 4% higher than September and the most since May.