“Chinese oil imports in August plummeted 12.5% from a year ago. This is according to new preliminary data from the General Administration of Customs reported by Dow Jones.
The 18.4 million metric tons reported is the lowest level since October 2010, DJN said.
This is the result of slowing economic activity.
“Since downstream demand is fairly sluggish, refiners don’t have the incentive to process much,” the wire quotes Zhu Chunkai, an oil analyst at Shandong-based energy consultancy Chem99.”Comments »