In November, China's ** imports fell by 9 year-on-year2%, the first annual decline in imports since April, could signal weaker demand. According to data released by the General Administration of Customs on Thursday, imports last month were **10.33 million barrels, down more than 1 million barrels per day from October.
November** arrivals were the lowest since July this year and the first year-on-year decline since April. In October, imports increased by 13% year-on-year due to increased fuel demand due to a week-long holiday and a new batch of oil import quotas5%。Imports of **11.53 million b/d in October, slightly higher than September's 11.13 million b/d, but well above October 2022, when the world's largest **importer** remained under strict COVID-related travel restrictions. But in November, imports from independent refineries, the so-called "teapots," as well as from the beleaguered manufacturing and real estate sectors, led to a decline in ** imports compared to the previous month and the same month last year, when Covid restrictions were still in place.
Independent refineries were Venezuela's largest customers until the US lifted sanctions, and it is said that new oil purchases from the Latin American country will be postponed due to undiscounted cargo after the international giants return to Venezuela**.
Weak manufacturing activity and the ongoing housing crisis have further weighed on oil imports. The manufacturing purchasing managers' index (PMI) in November unexpectedly edged down for the second consecutive month from October. In addition, Moody's this week changed its outlook to negative for China**, saying that "the change in outlook also reflects increased risks related to structural and persistently sluggish medium-term economic growth and continued contraction in the real estate sector." (Compiled by Xiao Chen).
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