China may import 7.2 million barrels of oil per day in September — Kpler
China may import about 7.2 million barrels of crude oil per day in September. This roughly corresponds to the volume of August deliveries, according to preliminary data from vessel-tracking service Kpler, as OilPrice reports, citing Nikkei Asia.
Purchases and stocks
Oil arriving in China in September was purchased at prices significantly below $100 per barrel. In recent weeks, Chinese oil refineries have been replenishing feedstock inventories while prices were around $80 per barrel.
OilPrice notes that the gradual recovery in purchases after the June low may increase pressure on oil prices. In June, China significantly cut imports after three months of low purchasing volumes amid high prices and limited supplies from the Middle East.
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Official statistics for August
According to Chinese customs data, the country imported 37.93 million tonnes, or 8.93 million barrels of crude oil per day, in August. This was 6.2% more than in July. The August figure was 23.4% lower than in the same month of the previous year, but exceeded the June level of 7.1 million barrels per day — the lowest in a decade.
Imports began to recover from July: supplies from the Middle East increased, while Chinese refiners raised purchases of Russia's ESPO grade and turned to supply sources that are unusual for them, including Argentina. Amid easing export restrictions, refineries also increased fuel shipments abroad.
