China's crude oil imports in October 2023 reached their highest level since March 2023, totaling 41.94 million tons or 9.88 million barrels per day. This increase of 9.4 percent compared to September 2023 has been reported. According to data obtained from Kpler, seaborne crude oil imports also rose by 12 percent this month compared to the previous month.
Decrease Compared to Last Year
Despite this monthly increase and reaching the highest level in the past seven months, total crude oil imports in October 2023 were still 13.3 percent lower than the import volume in October 2022. In the first ten months of 2023, China's crude oil imports were 15.1 percent lower than the total imports during the same period in 2022.
Read more: Qatar Energy Acquires 25 Percent of the PEL 82 Field in Namibia
Increase in Imports from Saudi Arabia
According to the data, oil imports from Saudi Arabia increased to 1.62 million barrels per day last month, aligning with last year's monthly total. This increase has occurred especially as the war in the Middle East has significantly reduced oil purchases from this region by Chinese buyers.
Since the outbreak of the war between the United States and Israel with Iran in late February, China has relied on its large crude oil reserves and has significantly reduced its imports. During this period, oil prices have risen above 100 dollars per barrel, and China has utilized more than 1.3 billion barrels of its reserves to manage costs.
In June 2023, China reduced its crude oil imports to the lowest level in a decade and significantly relied on its reserves. However, since the summer, oil imports have started to increase, and this change could be a concerning sign as China's increased purchases may lead to a rise in global oil prices.
Currently, China's increased imports have not caused significant changes in the oil market, and prices are more influenced by reports related to geopolitical issues and developments in the Middle East.
Read more: Conversion of Pars 82 Well to Oil Production Well by the National Company of Oilfields in the South · Oil Prices Drop to Lowest Level Since August
