US and China imports
The US and China are the top two crude oil consumers and importers. Together, they imported more than 14 MMbpd of crude oil in July 2015. Together, they consume 30 MMbpd of crude oil. This is 30% of the global crude oil that’s consumed.
Crude oil imports from China hit record levels in July 2015. Despite the slowing Chinese economy, why did crude oil imports soar? The demand from small refineries boosted crude oil imports, according to data from the General Administration of Customs. China imported 7.3 MMbpd of crude oil in July 2015. The other reason could be that China is taking advantage of lower crude oil. It’s building massive inventories to get an advantage in the long term. The implication is that over the long term, the slowing economy and record inventory from China could slow down the demand for crude oil. This was confirmed by the stock market crash from China and devaluation of the Chinese yuan by the Chinese government.
Likewise, US inventories are at record levels. US imports could slow down due to the consensus of massive production, record inventories, and speculation of slowing demand from the US due to the mounting refined products stockpiles. This signifies that China and the US could extend the crude oil bear market unless there’s a real catalyst due to a rise in crude oil’s retail and industrial consumption.
US and China importsThe US and China are the top two crude oil consumers and importers. Together, they imported more than 14 MMbpd of crude oil in July 2015. Together, they consume 30 MMbpd of crude oil. This is 30% of the global crude oil that’s consumed.Crude oil imports from China hit record levels in July 2015. Despite the slowing Chinese economy, why did crude oil imports soar? The demand from small refineries boosted crude oil imports, according to data from the General Administration of Customs. China imported 7.3 MMbpd of crude oil in July 2015. The other reason could be that China is taking advantage of lower crude oil. It’s building massive inventories to get an advantage in the long term. The implication is that over the long term, the slowing economy and record inventory from China could slow down the demand for crude oil. This was confirmed by the stock market crash from China and devaluation of the Chinese yuan by the Chinese government.Likewise, US inventories are at record levels. US imports could slow down due to the consensus of massive production, record inventories, and speculation of slowing demand from the US due to the mounting refined products stockpiles. This signifies that China and the US could extend the crude oil bear market unless there’s a real catalyst due to a rise in crude oil’s retail and industrial consumption.
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