SINGAPORE : China's September crude oil imports fell 15.3per cent from a year earlier, data showed on Wednesday, as companies drew on inventories amid rising global prices and as tightened import quotas continued to constrain purchases.
China, the world's top crude oil buyer, brought in 41.05 million tonnes of crude oil last month, or about 9.99 million barrels per day . That compares with 10.49 million bpd in August and 11.8 million bpd a year earlier. "China's ambitions to cool commodity prices by drawing on commercial and strategic reserves, combined with power curbs in the industrial sector that cut into fuel demand, took a toll on crude oil imports," said Seng Yick Tee, senior director at SIA Energy.
It also slashed export quotas for refined fuel, a business dominated by state refiners, effectively capping crude throughput on these state majors like Sinopec Corp.
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