China Feb crude imports fall steep 15 pct on yr

China’s crude oil imports in February fell by a surprise 15 percent, extending an 8 percent drop in January, as oil firms appeared to scale back purchases after heavy stockpiling last year and on a slow demand recovery.

China imported 11.73 million tonnes of crude oil last month, or 3.06 million barrels per day, customs data showed on Wednesday, the lowest rate on daily basis since January 2008.

The 15 percent drop was the biggest decline in several years, although the figures may be exaggerated by a high baseline a year ago and the fact that January and February data are often distored by the Lunar New Year holidays.
Reuters