China crude oil import data show winners and losers from rebalancing: Russell

2 Oct 2017   China

 China’s imports of crude oil offer a picture of which exporters are doing the heavy lifting of reducing supplies, and which countries are benefiting the most from the efforts of OPEC and its allies to rebalance the market. While looking at customs data from the world’s biggest crude importer isn’t a definitive study of global oil market dynamics, it’s important as exporters are well aware that China has been leading demand-growth in recent years, a trend likely to continue. China imported 281.1 million tonnes of crude in the first eight months of this year, equivalent to 8.44 million barrels per day (bpd), according to customs data. This is up 12.3 percent on the same period in 2016, or about 950,000 bpd. This makes China the major contributor to global demand-growth so far this year, given that the International Energy Agency expects world oil consumption to […]

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