2023-12-07 03:47:36
China’s crude oil imports in November fell 9.2% year-on-year, customs data showed on Thursday, marking the first annual decline since April, as high inventory levels, weak economic indicators and the Slower orders from independent refiners have weakened demand.
Crude oil arrivals in China last month totaled 42.445 million metric tons, or 10.33 million barrels per day (bpd), according to the General Administration of Customs, the lowest daily rate since July and falling compared to October’s 11.53 million bpd.
Year-to-date imports from the world’s largest oil buyer totaled 515.65 million tonnes, or 11.27 million bpd, representing an increase of 12.1% from the previous year.
High import levels since the start of the year left refiners with large onshore crude inventories at the start of the month, estimated at 958 million barrels as of November 2, according to commodities consultancy Vortexa.
Despite falling prices for major international crude benchmarks in November, independent refiners in Shandong continued to face strong competition for Russian cargoes as well as cargoes from Venezuela following the easing of sanctions American once morest Caracas, buyers being faced with significant differences between the prices offered.
Weak macroeconomic indicators – especially in the manufacturing and construction sectors – continued to weigh on demand for products such as diesel and asphalt. China’s manufacturing PMI contracted for the second consecutive month in November, reflecting factory managers’ weakening confidence in government stimulus measures.
Highlighting concerns over the real estate and construction sectors, rating agency Moody’s on Tuesday placed China’s credit rating on downgrade alert, citing risks associated with the “continued downturn in the real estate sector.”
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