China’s demand for crude oil continues to rise as the country’s crude oil imports in September have shown a significant increase of almost 14% compared to the same period last year. This surge in imports can be attributed to refiners increasing their purchases in anticipation of the upcoming Golden Week travel period. Golden Week is a major holiday in China where millions of people travel across the country, boosting the demand for transportation fuels. In order to meet this increased demand, refiners have been actively procuring more crude oil.
China, being the world’s largest importer of crude oil, heavily relies on imported oil to meet its energy needs. This steady growth in imports showcases the country’s commitment to maintaining its energy security and ensuring a smooth supply of oil during periods of peak demand. With the Golden Week travel period just around the corner, the surge in crude oil imports highlights China’s proactive approach in meeting the needs of its domestic market. This increase in demand also has positive implications for global oil markets, as China’s robust consumption continues to support oil prices.
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