China’s customs office has reported a significant increase in the country’s crude oil imports, which surged by 13.52% in October compared to the previous year. This uptick can be attributed to refineries ramping up their orders utilizing new import quotas and an amplified demand for oil during the Golden Week holiday.
During the month of October, China imported a total of 48.97 million tonnes of crude oil, equivalent to 11.53 million barrels per day. This marked a notable increase from the 11.13 million barrels per day recorded in September.
The cumulative crude oil imports for the year, from January through October, reached 473.22 million tons or 11.36 million barrels per day, reflecting a substantial 14.4% upswing compared to the same period the previous year.
The demand for gasoline and aviation fuel in China experienced a remarkable surge during the eight-day Golden Week holiday, further underscoring the country’s reliance on crude oil. According to the report, travel during the Golden Week within mainland China reached 826 million individuals, representing a remarkable year-on-year increase of 71.3%. This figure even surpasses the pre-COVID-19 levels observed in 2019, exceeding them by 4.1%.
Additionally, the Chinese government’s announcement of four crude oil import quotas, combined with robust increases in oil refining margins throughout the third quarter of 2023, have played a pivotal role in supporting the heightened crude oil imports.
The surge in crude oil imports for China, alongside increased consumption of petroleum products during the Golden Week, serves as a testament to the country’s resilience and economic recovery, further cementing its role as a global economic powerhouse.