By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Monday, Aug 24, 2026
9News Nigeria
  • HOME
  • EDITORIAL
  • POLITICS
  • NATIONAL
  • SPORTS
  • WORLD
  • BUSINESS
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
9News Nigeria9News Nigeria
Font ResizerAa
Search
  • Editorial
    • OPINION
  • Politics
  • National
    • Breaking News
    • Boko Haram
    • Crime and Investigation
    • Ohanaeze Ndigbo
  • Business
    • Nigerian economy
    • Investment
    • Finance
  • Sports
  • Entertainment
    • Celebrity
    • Entertainment and lifestyle
    • Hollywood
  • World
    • Africa
    • Asia News
    • Australia
    • Europe
  • About Us
    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us
Follow US
Asia NewsBreaking NewsBusinessChinaUSA

China overtakes U.S. again as world’s top crude importer

Timothy Stephen
Last updated: October 18, 2016 7:35 am
By Timothy Stephen
Share
2 Min Read
Crude oil 412
SHARE

CHINA imported record volumes of crude oil in September, eclipsing the United States as the world’s top buyer.

China’s September crude oil imports rose 18 percent from a year earlier to 33.06 million tonnes or 8.04 million barrels per day (bpd), customs data showed. The buying outpaced the U.S. four-week average assessed by the U.S. Energy Information Administration to be at 7.98 million bpd as at the end of September.

It also marked the second time this year but the third month in the past twelve months that China’s imports have overtaken the United States, and reflected contracts signed in July when renewed selling pressure pushed crude below $42 a barrel.

Oil has since recovered to over $50 a barrel. The shipments also arrived as Chinese refineries entered the final stretch of their annual maintenance season, which typically takes place in the third quarter.

With U.S. plants’ repair work extending into this month, the world’s largest economy could retake pole position in October, analysts said. China’s strategic reserve is preparing to start filling late this year newly-built storage tanks that can take some 19 million barrels of crude, or about three days worth of imports, traders said.

“The increase was mainly driven by stocking activities at some reserve sites,” said Harry Liu, associate director of oil markets with IHS Energy, (an information and data provider), who said August and September volumes were higher than he expected. That contrasts with earlier in the year when China’s independent refiners known as “teapots” were the driving force behind the imports. Analysts from BMI research, a Fitch Group, expected China’s crude imports to remain elevated for the rest of the year due to falling production, expanding storage capacity and a seasonal uptick in demand over the winter months.

FBI Warns Release of Tinubu’s Drugs Deals Records Could Put Lives at Risk
Chinese billionaire Xu Jiayin Sentenced to Life in Prison
₦15.8trn saved from Subsidies between 2023, 2025 – Oyedele
Heirs Appoints Jerry Eze as Non-Executive Director

Over the first nine months, import volumes rose 14 percent to 284 million tonnes, or 7.55 million bpd, according to the data.

Source: Vanguard

Like this:

Like Loading…
Share This Article
Facebook Whatsapp Whatsapp Copy Link
What do you think?
Love0
Sad0
Happy0
Surprise0
Angry0
ByTimothy Stephen
Follow:
9News Nigeria Global Breaking News Platform News from Nigeria News from Africa Nigerian News African News
Previous Article Oanao fillings stations aft e1476736436500 Oando Marketing changes name to OVH Energy Marketing
Next Article izu NFF mourns with family of slain Izu
Search
– Advertisement –
Latest News
  • There ought not to be Subsidy in Nigeria — Kenneth Okonkwo August 24, 2026
  • Veteran Nollywood actor Taiwo Hassan Ogogo dies at 66 August 23, 2026
  • Mary Habila laid to rest in Kaduna amid autopsy dispute August 23, 2026
  • No Vacancy In Nigeria’s Presidency Ahead of 2027- Yilwatda August 23, 2026
  • 101-year-old great-grandmother arrested for selling cannabis in Ogun August 23, 2026
  • 2027: 500 Northern Islamic scholars endorse Tinubu for re-election August 23, 2026
  • 36 terrorists sent to afterlife as Air-Force strikes hit two hideouts in Borno August 23, 2026
  • ‘Fake Agency’ Director responds, produces Appointment Letter August 23, 2026
  • APC Chairman Okpe Takes Delivery of Owerri West Campaign Bus August 22, 2026
  • Uzodinma Unveils Campaign Buses, Targets 100% APC Victory in Imo August 22, 2026
– Advertisement –
9News Nigeria
  • Editorial
  • OPINION
  • Inspiration
  • Investigative Reports
  • Featured
  • Interviews
  • About Us
  • Terms And Conditions
  • Privacy Policy
  • Contact Us
World News
  • Africa
  • African Politics
  • Aviation News
  • Australia
  • Global Economy
  • Europe
  • Global Economy
  • Asia News
  • Middle East
  • World
  • World Politics
  • USA
  • USA Politics
News Categories
  • Breaking News
  • National
  • Politics
  • Business
  • Sports
  • Health
  • Crime and Investigation
  • Nigeria Police
  • Nigerian Military
  • Biafra
  • ODUDUWA
  • Ohanaeze
  • Boko Haram
  • National Assembly
  • National History
  • Sober House
  • National Security
Entertainment and Lifestyle
  • Entertainment
  • Entertainment and lifestyle
  • Nollywood
  • Lifestyle
  • Hollywood
  • Celebrity
  • Celebrity Gist
  • Celebrity Gossip
  • Events
  • Family & Relationships
  • Relationship Extra
  • Relationships

You May also Like

NRS
NationalBusiness

NRS highlights Economic Gains under Tinubu

August 10, 2026
NGX Exchange Identity
BusinessNational

NGX has created up to 900,000 Millionaires in Nigeria — Temi Popoola

August 8, 2026
1786112117505 1
Breaking News

NLC Demands ₦500,000 Minimum Wage, Says ₦70,000 No Longer Enough

August 7, 2026
US President, Donald Trump
Breaking NewsUSA

U.S Birth Citizenship: Trump moves to stop Birth Tourism

August 7, 2026
Zenith Bank
Breaking NewsBusiness

Zenith Bank confirms customer data breach, says financial information remains secure

August 6, 2026
Zenith Bank
Nigeria NewsFinance

Cyberattack hits Zenith Bank, Customers Information Exposed

August 5, 2026
Show More
  • More News:
  • Europe News
  • National News
  • Politics
  • 9News Nigeria - Nigeria Breaking News
  • Nigeria Politics
  • Sports
  • Imo state
  • Opinion
  • National Security
  • Events
  • Editorial
  • Inspiration
  • Trending news
  • Bible Messages
  • Religion
  • Jesus Christ the saviour
  • World News
  • The Love of God
  • Crime and Investigation
  • Business

9NEWS NIGERIA

  • Editorial
  • Opinion
  • Inspiration
  • Investigative Reports
  • Featured
  • Interviews
  • About Us
  • Terms And Conditions
  • Privacy Policy
  • Contact Us

NEWS CATEGORIES

  • Breaking News
  • National
  • Politics
  • Business
  • Sports
  • Health
  • Crime and Investigation
  • Nigeria Police
  • Nigerian Military
  • Biafra
  • ODUDUWA
  • Ohanaeze
  • Boko Haram
  • National Assembly
  • National History
  • National Security

WORLD NEWS

  • Africa
  • African Politics
  • Aviation News
  • Australia
  • Global Economy
  • Europe
  • Asia News
  • Middle East
  • World
  • World Politics
  • USA
  • USA Politics

ENTERTAINMENT AND LIFESTYLE

  • Entertainment
  • Entertainment and lifestyle
  • Nollywood
  • Lifestyle
  • Hollywood
  • Celebrity
  • Celebrity Gist
  • Celebrity Gossip
  • Events
  • Family & Relationships
  • Relationship Extra
  • Relationships
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?

%d