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Rebound in China crude oil imports less impressive than it looks
China's imports of crude oil rebounded in October, but the details aren't as strong as the headline number suggests. The world's largest crude buyer imported 10.16 million barrels per day (bpd) in October, the highest since May and a 14 per cent leap from the same month in 2021, according to data released on Monday by China customs. There were several factors driving the increase in October, but a strong demand-led recovery is unlikely to be one of them. Rather, it was a combination of crude being imported to build operating inventories for two new refinery units, a lower price versus prior months, more import quotas ... (full story)