Oil Imports Into China Decline Again as Top Buyer Cuts Back
- Year-to-date inflows more than 3% lower amid wider slowdown
- Local refiners have been reducing throughput on weaker margins
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Oil imports into China sank again last month, highlighting soft consumption in the largest buyer just as traders weighed the implications of Donald Trump capturing the White House and potential supply rises from OPEC+.
Imports contracted to 44.7 million tons in October, according to customs data on Thursday. That’s about 2% lower than September, and almost 9% below the same period last year, according to Bloomberg calculations. Year-to-date shipments are now running more than 3% behind last year’s pace.