China's October crude imports at lowest since January

China's crude imports dropped to 6.8mn b/d in October, the lowest level since January's 6.31mn b/d, according to customs data.

The October figure marks a 14pc decline on September levels, but a 10pc increase on October 2015.

Russia took back the mantle as China's main crude supplier from Angola in October, as its exports to the country rose to 1.11mn b/d. China's October purchases of Russian crude increased by 16pc on September and by 38pc year-on-year. China primarily takes deliveries of Russian light-sweet ESPO Blend crude, and it bought 2mn bl of Caspian Azeri crude in October, according to Argus tracking.

Angola's October crude exports to China fell to 574,000 b/d, down by 43pc on September and by 32.5pc against October 2015. Angola first took the lead as China's main monthly crude seller in July , but October production in the west African country was affected by maintenance at the Total-operated 200,000 b/d Dalia field.

Iran's crude deliveries to China climbed sharply to 771,700 b/d in October, up by 57pc on September and more than double the previous year. China's October imports of Saudi crude meanwhile eased by 1pc month-on-month to 935,900 b/d, while Iraqi oil deliveries fell by 12pc to 876,600 b/d.

China took 31,100 b/d of Mexican crude in October, but appears to have imported no US oil. China is set to receive its largest cargo of US West Texas Intermediate (WTI) in January, with Chinese trading firm Unipec loading 2mn bl of the grade aboard a very large crude carrier (VLCC) this month.

Chinese crude imports 000 b /d Oct-16 Sep-16 Oct-16 Russia 1,116 963 807 Saudi Arabia 936 950 924 Iraq 877 991 565 Iran 772 491 337 Angola 574 1,012 850 October customs data

Related News