{"id":18938,"date":"2020-10-22T15:59:59","date_gmt":"2020-10-22T13:59:59","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=18938"},"modified":"2020-10-22T16:06:07","modified_gmt":"2020-10-22T14:06:07","slug":"chinas-oil-imports-are-falling-as-storage-fills-up","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2020\/10\/22\/chinas-oil-imports-are-falling-as-storage-fills-up\/","title":{"rendered":"China\u2019s oil imports are falling as storage fills up"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"18938\" class=\"elementor elementor-18938\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-800f046 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"800f046\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4e2120dd\" data-id=\"4e2120dd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-79ffcd9a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"79ffcd9a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3e9097b4\" data-id=\"3e9097b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ffdcdd6 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"1ffdcdd6\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">China\u2019s oil imports are falling as storage fills up<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11e53b22 elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"11e53b22\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-7a16641 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>22\/10\/2020<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28b354c0 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"28b354c0\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20a3734f elementor-widget elementor-widget-text-editor\" data-id=\"20a3734f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>China, which has been on an oil-buying binge since the start of the pandemic, is now retreating as storage space fills up and demand for fuels in the regions it exports them to remains weak.<br \/>In the final quarter of the year, Chinese crude oil imports could shed 14.5 percent from the third-quarter levels, equal to 1.7 million bpd, Reuters reported, citing IHS Markit associate director Shi Fenglei.<\/p><p>China began to stock up on cheap oil immediately after the benchmarks crashed following Saudi Arabia\u2019s declaration of what was effectively a price war against Russia that coincided with the initial spread of the coronavirus. Traders and refiners continued buying until reports emerged that China\u2019s oil storage may be close to filling up.<\/p><p>Despite these reports, however, strong buying continued until the end of the third quarter, with the September average up 2.1 percent on August at 11.8 million bpd. This increase was helped by new refining capacity coming online in the independent refinery segment, as teapots still have unused import quotas they rushed to fill. But now, quotas are running out, too, and this could spell another oil price decline.<\/p><p>\u201cThe recovery in China\u2019s demand has been very, very strong, and so if you remove part of that strength, that would have a bearish impact on the (global oil) market,\u201d NAB\u2019s head of commodity research, Lachlan Shaw, told Reuters.<\/p><p>According to the report, China\u2019s average daily rate of crude oil imports stood at 11.36 million bpd in the second quarter of the year and 11.68 million bpd in the third quarter. In the current quarter, it would be state energy giants that will keep on buying cheap foreign oil as the independents wrap their purchases for the year. Refiners, state and private alike, are also cutting run rates because of the excess supply of fuels that, combined with slow demand growth, has shrunk margins.<\/p><p>Source: <a href=\"https:\/\/www.rt.com\/\">RT<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7360b72d\" data-id=\"7360b72d\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c5bfd48 elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image\" data-id=\"c5bfd48\" data-element_type=\"widget\" data-widget_type=\"theme-post-featured-image.default\">\n\t\t\t\t<div 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href=\"https:\/\/www.instagram.com\/stocexpo_tankstorage_events\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>China, which has been on an oil-buying binge since the start of the pandemic, is now retreating as storage space fills up and demand for fuels in the regions it exports them to remains weak.In the final quarter of the year, Chinese crude oil imports could shed 14.5 percent from the third-quarter levels, equal to [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":18939,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"China\u2019s oil imports are falling as storage fills up | StocExpo Industry News","_seopress_titles_desc":"China\u2019s oil imports are falling as storage fills up. You can keep up-to-date with all the latest industry bulk liquid storage news here with StocExpo.","_seopress_robots_index":"","footnotes":""},"categories":[322,268],"tags":[],"edition":[],"class_list":["post-18938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage","category-in-the-news"],"_links":{"self":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/18938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/comments?post=18938"}],"version-history":[{"count":0,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/18938\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media\/18939"}],"wp:attachment":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media?parent=18938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/categories?post=18938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/tags?post=18938"},{"taxonomy":"edition","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/edition?post=18938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}