The key facts

  • China's October oil imports reached 10.21 million barrels per day, the highest since March
  • Over ten months, about 400 million tons were purchased — 15% less than a year earlier, with spending rising to $256.57 billion
  • Chinese refineries are buying up Russian ESPO crude amid shrinking supply options

October growth against the backdrop of an overall decline

China's oil imports in October rose 13% to nearly 10.21 million barrels per day — the highest level since March. The figures from the General Administration of Customs of the PRC are cited by Gazeta.Ru with reference to Interfax.

Year-on-year dynamics remain negative

October's growth does not change the overall picture of the year: China began reducing purchases on foreign markets in April as the Middle East conflict intensified, and in June deliveries fell to 7.12 million barrels per day. Over ten months, the country imported about 400 million tons of oil — more than 15% less than in the same period last year. At the same time, import costs rose 4.5% to $256.57 billion, meaning China is paying more for smaller volumes.

Where China gets its oil

Back in September it was reported that Chinese refineries were actively buying up Russian fuel due to shrinking supply options and the conflict in the Middle East. Beijing purchases ESPO — a light, low-sulfur Russian crude delivered through the port of Kozmino in Primorsky Krai and via the Eastern Siberia — Pacific Ocean pipeline. At the same time, China has to buy oil from more distant countries — Argentina, Brazil and Canada. Earlier, the US also stated that Iran had lost the ability to transport oil by sea.