China overtakes America again as world's top crude importer
The previous month China managed to import record volumes of crude oil, thus eclipsing the United States as the world's number one buyer of foreign crude as Beijing's state reserves shipped in cheap crude just to fill new storage tanks.
September's crude imports ascended 18% from a year earlier to about 33.06 million tons or 8.04 million barrels a day on daily basis.
The buying definitely outpaced the US four-week average estimated by the US Energy Information Administration of about 7.98 million bpd by the end of September.
It marked the second time this year and the third month in the past twelve this Asian country’s imports have finally overtaken the United States, and clearly reflected contracts signed in July when renewed selling pressure brought oil below $42 a barrel. Since that time oil has recovered to about $50 a barrel.
The shipments also arrived as China’s refineries entered the final stretch of their annual maintenance season, that normally occurs during the third quarter.