Reuters accurately reports rise in crude oil imports

Reuters was the only news agency to accurately report a 10 percent rise in September crude oil imports from a year ago by correctly interpreting preliminary data from the customs department on Oct 13. While the figure represented a recovery in import growth from earlier in the summer, it was still modest compared to the bounce that many traders were hoping for after the Olympics. Nailing down the figure was the result of careful calculation by Reuters, who knew from experience that the preliminary year-to-date import figures were often rounded to the nearest 10 million tonnes, but that percent changes were reported in detail. While Bloomberg incorrectly reported that September shipments — which had not been reported separately — had surged to an eye-popping new record, 3 million tonnes above the previous all-time high, Reuters calculations showed a much more modest increase. The 10 percent rise was confirmed a day later when the customs department released official figures for the month, forcing Bloomberg to back away from their story. The data is key to understanding Chinese oil demand — a vital support to world markets as the financial crisis undermines developed-world consumption.