China imported 49.49 million tons of crude oil in August, according to data from the Chinese customs authority, Commerzbank's commodity analyst Carsten Fritsch notes.

State-owned refineries process the same amount of crude oil in August

"Imports were thus 4.9% higher than in the rather weak previous month. In the first eight months of the year, imports totaled 376.5 million tons. That was 2.6% more than in the same period last year. State-owned refineries processed the same amount of crude oil in August, while independent refineries expanded their processing, according to consulting firm SCI."

"However, not all crude oil imported and processed by China is consumed domestically. At the same time, exports of oil products rose by 8.4% year-on-year to 5.33 million tons in August. This comparatively high level had already been reached in the two preceding months."