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China October crude imports rise to all-time high on record teapot buying

China October crude imports rise to all-time high

China’s crude oil imports in October rose to 40.80 million tonnes, data from the General Administration of Customs showed on Thursday. That is equal to 9.61 million barrels per day, an all-time high based on Reuters calculations using the data.

The record volumes were a result of strong imports from China’s private refiners, known as teapots, who bought 8.22 million tonnes of crude during the month, the highest monthly amount since Beijing started issuing import quotas to the refiners in 2015, according to Emma Li, an analyst with Thomson Reuters Oil Research and Forecasts.

 

BEIJING, Nov 8 (Reuters)

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