New refneries boost crude imports

摘要

Bumper crude imports propelled Chinese apparent oil demand to record highs in October, and they are likely to remain elevated in November. Apparent oil demand - crude production added to net oil imports - rose to 14.9mn b/d in October, nearly 100,000 b/d higher than the previous record set in November last year, when Chinese refners frantically snapped up Russian ESPO Blend ahead of the reimposition of US sanctions on Iran. The Russian grade trades promptly and takes only fve days to reach northern China after loading.