Newest official Chinese language oil stats, launched 15 November, present that refinery runs averaged 14.06mn b/d for October, down 1mn b/d on a 12 months earlier. Common runs of 14.18mn b/d for the primary ten months of 2024 are down 2.5% year-on-year. This follows final week’s launch of headline October import stats which present crude imports of 10.57mn b/d, additionally 1mn b/d beneath year-ago ranges, while 10M 2024 imports of 10.98mn b/d are down 3.8% year-on-year.
While ultimate demand stats could also be considerably much less bearish – the official stats solely partly seize small impartial refineries – with the IEA, EIA and Opec already revising down their China oil demand development estimates (MEES, 15 November), there could also be extra downward revisions to come back. (CONTINUED – 119 WORDS)
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