China’s surplus crude oil eased in October, but this is still bearish

Quick Summary:

CHINA’S crude oil surplus nearly halved in October, but this was a further sign of weakness as both imports and refinery runs dipped.

It’s worth noting that not all of this surplus crude is likely to have been added to storage, with some being processed in plants not captured by the official data.

Domestic production in October was 4.04 million bpd, up 2.5% from the same month last year, according to data from the National Bureau of Statistics, while imports were 10.53 million bpd.

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Author / Journalist: CLYDE RUSSELL

Category: EconomyBusiness

Markets: MalaysiaChinaUnited States

Topics: Policy PBOC /Business/Business News Interest rate Commodities

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Published On: 2024-11-19 @ 00:00:00 (14 hours ago)

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