China's Crude Oil Imports Rise for Second Month as Fuel Exports Surge 29%
Source Summary
China imported 37.93 million tons (8.93 million barrels per day) of crude oil in August, a 6.2% increase from July and the second consecutive monthly rise, according to official customs data released Tuesday. August imports remained 23.4% below the same month last year but represent recovery from June's decade-low levels. Refiners increased purchases of non-Middle Eastern crude and boosted overseas fuel shipments amid eased export restrictions.
Why it matters
China's crude import recovery signals renewed refinery demand and indicates the world's second-largest economy is stabilizing energy consumption after June's decade-low.
