- China’s crude oil imports fall as heavy crude oil buying fades.
China’s crude oil imports fell 12.2 percent in October from the previous month as refiners slowed imports after months of heavy buying that had raised crude inventory to a near-full level, and as independent refineries run out of import quotas.
China is the world’s No.1 crude oil importer, China bought 42.56 million tons of crude oil last month, data from China’s General Administration of Customs showed on Saturday. That is equal to about 10 million barrels per day (bpd).
The west is currently dependent on China buying it’s crude oil, in order for the fracking industry to survive. Especially after Europe enters a second coronavirus lockdown, most western countries are having a hard time being consistent in regards to having a universal plan to combat the virus. The Trump administration has basically given up on winning against the virus and insisted the US must learn to live with Covid virus, just like Flu, says Trump.