Chinese refineries' oil use up third month
Chinese oil refineries' consumption rose for the third consecutive month in September, reaching an average of 13.99 million barrels per day, a 0.6% increase from August, despite a 21.5% year-on-year decline in imports. This was accompanied by a 56% year-on-year surge in fuel exports, which supported demand after Beijing relaxed export restrictions in July. Domestic oil production also increased by 2.2%, while reports indicated a drawdown of 529,000 barrels per day from inventories, reflecting market balances amidst the decline in Chinese oil imports, as China continued to process large volumes of oil throughout the year.
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