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Market Chatter: China Crude Imports Slump to Near-Decade Low as Demand Weakens

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China's crude oil imports plunged to their lowest since October 2016 at about 29.3 million tons in June, driven by lower domestic demand and export restrictions for refined oil products, Reuters reported Tuesday, citing customs data.

With lower crude imports, refinery run rates in the country stood at 57.72% in June, down 3.28 percentage points from the previous month's level and lower by 13.09 percentage points versus a year earlier, according to Oilchem data, as cited by the news agency.

Refinery run rates have likely plunged to a 10-year low, Vortexa analyst Emma Li told Reuters, but these could rebound if the government allows for some relaxation of export restrictions.

China's National Energy Administration did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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