China's crude imports fell to a four-month low in November; decline in domestic demand

State-run refineries reduced their output due to a decline in domestic demand.

ICYMI - On Friday China's General Administration of Customs showed crude imports fell 10% from October to a four-month low in November.

The data from China Customs doesn't include China's domestic oil production in November; China's National Bureau of Statistics (NBS) is expected to publish this data this week.

Via S&P Global on the drop in imports:

suggested the state-run refineries cut their crude imports as their average utilization rate fell to a five-month low of 81.3% amid slow domestic demand
In December, Sinopec and PetroChina are more likely to keep their crude imports stable or even reduce them in order to avoid deep inventory loss by year-end amid falling crude oil prices.
some analysts said they expect the Chinese government to take advantage of the declining crude oil price to build the strategic petroleum reserve (SPR).