China’s crude imports continue to go from strength. Just not from Opec. Amid continued output and export restraint (MEES, 16 October), Opec countries accounted for just 47.3% of China’s record 11.75mn b/d imports for Q3, the lowest quarterly share since 2006 (see charts and table for full data).
For 2020 as a whole, Opec’s market share is also set to come in at a 14-year low and possibly below 50% for the first time since 2006 (the 9M 2020 average was 50.3%). Losing market share in the world’s largest oil importer will be a bitter pill for Opec. (CONTINUED - 927 WORDS)