While it has been reporting strong crude import figures, China has also been booking some not-so-good macro figures in the meantime.
Citi: strong rate of oil imports into China so far this year will soon change to a softer one.Recent rally in oil prices may lead to a decline in China oil imports later this year.China has maintained a strong rate of crude oil imports pretty much since the start of the year, but instead of turning oil markets bullish, it has only served to create confusion.
This doubt, in turn, has fueled uncertainty about the prospects of oil demand in the world’s largest importer and was part of the reason why oil prices remained subdued for much of this year, which eventually led to Saudi Arabia’s latest production decision. If the uncertainty lingers, supply may have to be tightened further.
At the same time, demand for fuels at home also rose during the summer months, suggesting that whatever problems the property market and industrial sectors had, they did not affect all avenues of oil demand. Yet, not everyone agrees.in a column this week that a lot of the extra oil China bought from abroad this year went into storage. He estimated that the country had added some 950,000 barrels daily to its crude oil inventories by July.
Citi analysts, meanwhile, believe the strong rate of oil imports into China so far this year will soon change to a softer one. In a note cited by Dow Jones Newswires, the bank’s analysts argued that strong oil demand was not indicative of an economic rebound.
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