“China increased oil purchases to the highest levels in 14 months.”, — write: www.epravda.com.ua
China increased oil purchases to the highest levels in 14 months.
About this informs Reuters.
This is the largest addition since June 2023, when 2.1 million bpd was added, and a sharp increase from the 280,000 bpd added in July.
1.85 million barrels per day were added to commercial and strategic storage.
It is reported that the recovery in imports was driven by stockpiling rather than a recovery in fuel consumption.
Global Brent crude oil futures reached their highest level this year at $92.18 per barrel on April 12, before falling to a low of $75.05 on August 5.
Chinese refiners would likely be interested in buying more oil during this period, meaning imports in August and September could be quite high compared to earlier months this year.
We will remind:
The price of Brent oil went down below $70 per barrel for the first time since December 2021. Among the reasons are the Chinese and US economies.