According to Reuters news on April 3th, after it reached a record of 1.4 million barrels per day for China to import the crude oil from West Africa in March, the figure in April will decline to 1.357million per day based on a survey of Reuters. As the world's second largest oil consumer, China reduces imports of oil from West Africa, especially Angola, which has also led to an decrease by 2 percentage points in crude oil imports than the previous month.
Analysts believe that the oil refineries’ spring maintenance work of Asian countries is the main cause of decline in oil imports. And it also needs some time for Asia to digest the huge imported oil in the past few months. In addition, a decrease in the oil spot and futures price spread is also an important reason for the lack of oil reserves in Asian countries.
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