Customs data released on Tuesday showed that China's crude imports fell by 7% in August compared to the same period last year. This was due to weak refining margins, low fuel consumption, and a continued decline in demand. However, shipments have recovered from their lows.

According to the General Administration of Customs, imports last month totaled 49.10 millions metric tons. This was up from 42.34 millions tons in July, which was the lowest level since Sept. 2022.

According to customs records, the daily crude oil imports were also at their highest level since August of last year.

As the summer peak travel season came to an end and inventories increased, Asian refinery margins dropped last week to their lowest levels since 2020.

Daan Struyven, Goldman Sachs' oil research chief, told the APPEC Conference in Singapore that China's demand has slowed down from 500,000-600,000. barrels per day in the five years prior to the COVID-19 Pandemic, to 200,000 bpd today.

The data revealed that imports fell by 3.1% over the past year, to 367 millions tons. (Reporting and editing by Jamie Freed, Stephen Coates and Colleen Waye)

(source: Reuters)