Abstract
In 2024,Chinese oil consumption has slowed amid impacts from a range of factors,dampening import demand and weighing on global seaborne oil trade volumes.In 2023,Chinese crude imports rebounded firmly by 12％to 10.2m bpd,the highest level on record.However 2024 has been a marked contrast,with Chinese crude imports across JanOct declining by 3％yoy to an average of 10.0m bpd,(though initial reports suggest a slight pick up in November).Weaker trends in China have weighed on global seaborne crude volumes(now expected to ease by 0.4％yoy),and contributed to softer trends in the crude tanker markets,particularly VLCCs,continuing into what is traditionally a seasonally stronger part of the year.The key driver of lower imports has been weaker oil consumption.Chinese oil demand reportedly declined yoy in September for a sixth consecutive month.The distressed property sector has been a notable factor,weighing on gasoil demand.Chinese oil consumption has also been dampened by the shift away from oil-powered vehicles amid the surging uptake of EVs and LNG-powered trucks,reportedly displacing between 0.2 and 0.6m bpd of oil demand.Against this backdrop,Chinese refinery runs declined by 4％yoy across Jan-Oct.
NETL
NSTL
万方数据