 |
Louisiana Light • 2 days | 76.04 | +1.30 | +1.74% | ||
|
Bonny Light • 137 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 2 days | 74.93 | +0.34 | +0.46% | ||
|
Mars US • 428 days | 73.93 | -1.23 | -1.64% | ||
|
Gasoline • 16 hours | 2.054 | +0.002 | +0.09% |
|
Bonny Light • 137 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 137 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 2 days | 74.93 | +0.34 | +0.46% |
|
Peace Sour • 23 hours | 66.88 | +1.41 | +2.15% | ||
|
Light Sour Blend • 23 hours | 67.88 | +1.41 | +2.12% | ||
|
Syncrude Sweet Premium • 23 hours | 71.03 | +1.41 | +2.03% | ||
|
Central Alberta • 23 hours | 67.13 | +1.41 | +2.15% |
|
Eagle Ford • 4 days | 68.20 | +1.12 | +1.67% | ||
|
Oklahoma Sweet • 2 days | 69.50 | +1.00 | +1.46% | ||
|
Kansas Common • 4 days | 58.55 | +1.12 | +1.95% | ||
|
Buena Vista • 1 min | 78.64 | +0.73 | +0.94% |
Saudi Arabia has warned OPEC+…
Oil prices wobble around inflation-driven…
Oil prices jumped in early…
China imported in August the highest monthly volume of crude oil for a year as purchases increased with the fall in international oil prices when cargoes were contracted.
Chinese crude oil imports jumped to 11.56 million barrels per day (bpd) in August—the highest level since August 2023 and a major rebound from the July low of 9.97 million bpd, per official Chinese data reported by Reuters columnist Clyde Russell.
The July imports of crude into China were the weakest in two years. Crude arrivals rebounded in August, but they were still 7% lower than in August 2023.
Moreover, Chinese crude oil imports fell by 3.1% in January to August 2024 compared to the same period of 2023.
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China’s crude import data for August cannot give a definite answer to the question that many analysts have been pondering over this year—whether Chinese imports reflect an uptick in demand or Beijing’s propensity to contract more volumes when oil prices are lower.
The imports in August were likely contracted in the May and June windows, when international crude oil prices were falling, Reuters’s Russell notes.
Brent prices were down in May and June from the high of over $90 per barrel in early to mid-April—the highest so far this year.
The rebound in China’s imports in August could be attributed in part to seasonal demand patterns, as importers tend to increase purchases during the third quarter to stockpile fuel for peak winter demand.
But part of the recovery could be attributed to the lower oil prices.
China’s propensity to stock up on commodities at lower prices could explain why most commodity imports have seen higher imports despite the economic growth faltering below expectations.
With China’s apparent oil demand weaker than expected, the lower international prices may have played a bigger role in Chinese purchases for August.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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Now they are all in a dilemma of how to explain these record-breaking imports. The try to find various explanations such as China's tendency to buy commodities at lower prices or a reflection of an uptick in demand or seasonal demand patterns when in fact the real explanation has been staring them in the face all through and I have been repeating it time and again namely China's economy growing this year at 5% the highest among major economies of the world with the exception of India.
No matter how big the lies are the truth always will out.
Dr Mamdouh G Salameh
International Oil Economist
Global Energy Expert