China's Oil Stockpiling Accelerated in October [Yahoo! Finance]
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Source: Yahoo! Finance
Russell reported today, citing calculations derived from official Beijing data. Refinery throughput in October averaged 14.94 million barrels daily, the official data showed, while imports ran at a rate of 11.39 million barrels daily, Russell reported. The refinery throughput figure was a 6.4% increase on the year, suggesting healthy demand for oil, but it was also a decline on September's 15.26 million bpd average. The September figure was a two-year high. Imports, meanwhile, averaged 11.39 million barrels daily in October, adding to local production of 4.24 million barrels daily for a total daily supply rate of 15.63 million barrels. The difference between supply and demand, as based on refinery runs, is assumed to be going into storage, although some of it might be processed by small refineries that are not included in the official data, Russell notes in his regular reports on the state of China's oil market. This stockpiling on the part of China has become a major reason for
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