China's October Oil Imports Surge by 13.5%

China's crude oil imports increased by 13.5% year-over-year in October, reaching 11.53 million barrels per day (bpd), driven by stronger fuel demand during a week-long holiday and the utilization of new oil import quotas. The imports in September also rose by 14% annually, but were lower than the record-high volumes seen in August. Refiners stocked up ahead of the holiday, leading to robust crude oil imports in October as well.