China Sept crude imports dips 0.6 on year; down 7.4% on month

SINGAPORE (ICIS)–China’s crude oil imports in September totaled 45.5 million tonnes, down by 0.6% year on year and lower by 7.4% from the previous month, official data showed on Monday.

For the first nine months of 2024, its total crude imports declined by 2.8% year on year to 412.4 million tonnes, according to China Customs data.

The world’s second-largest economy is expected to see a 2.9% decrease on crude imports this year to 548 million tonnes as economic headwinds and rising penetration of electric and gas-powered vehicles drag fuel demand, ICIS principal analyst Patricia Tao said.