China’s oil stockpiling falls in September

China’s crude oil surplus stood at around 570,000 bpd in September

Crude oil flows into China’s storage facilities fell in September, as imports declined and refinery runs increased, reducing the available surplus.

According to Reuters calculations based on official data, China’s crude oil surplus stood at around 570,000 barrels per day (bpd) in September, down from 1.01 million bpd in August.

Imports dropped to 11.5 million bpd in September, the lowest level since January, as refineries cut purchases after prices surged in June during a brief period of military tension between Israel and Iran.

Estimates suggest that the cargoes arriving in September were contracted when prices were higher, with Brent crude reaching $81.40 per barrel on June 23, its highest level in six months at the time.

Official data released on Oct. 20 showed that domestic oil production reached 4.32 million bpd in September, bringing the total supply from domestic output and imports to 15.82 million bpd.

Meanwhile, refinery throughput rose to 15.25 million bpd from 14.94 million bpd in August, according to the National Bureau of Statistics.

This indicates that the surplus stood at 570,000 bpd in September, although part of this amount may have been processed by refineries not covered in the official data.