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Global oil market recovers with rise in Chinese oil demand

Chinese imports of US crude oil surged in August

Global oil market sees recovery with an increase in Chinese oil demand, media reports said.

Global oil prices see hopes of recovery because China has confirmed its first stage of trade deal with the US. It is reported that the Chinese oil demand have surged by 16.7 percent which is 14.6 million bbl/d in July compared to 12.83 bbl/d in the same period last year.

The numbers indicates a strong economic recovery from the pandemic outbreak. Furthermore, China’s oil and refined product development is growing significantly since the steeping demand in the second quarter.

It is reported that Chinese imports of US crude oil surged in August, and is likely to grow this month also because of the strong trade deal between the two countries. Furthermore, China commits to buy $25.3 billion in value of US energy products.

The US currently ranks 4th among the largest suppliers of crude oil to China at 863 thousand bbl/d, after kingdom of Saudi Arabia at 1.26 million bbl/d, Iraq at 1.36 million bbl/d, and Russia at 1.73 million bbl/d. Furthermore, The US exported 863 thousand bbl/d to China in July. And China imported 12.08 million bbl/d in July.

The current scenario between India and China is also hampering Chinese refiners to cope with their surplus output. Furthermore, the Kingdom has exported more crude oil to China than any other country to date.

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