China oil imports rebound in Aug, highest since April

The latest trade data from the China customs showed that the crude imports from China jumped to 32.85 million tonnes in August, recording the second highest amount ever while hitting a four-month high.

China imported 32.85 million metric tons of crude in August, that’s about 7.77 million barrels a day, the fastest pace since April.  Imports in August jumped 23.5% from a year ago, or the equivalent of almost 1.5 million bpd more.

The reason behind the jump in imports was cited by increased demand by the independent refiners as they sought to cash in on low oil prices before their import quotas expire in December.