China Crude Oil Imports Ease From Record as Teapots Slow Buying

9 May 2017   China

Independent refiners bought 21% less oil month-on-month: ICIS April imports at 8.4 million b/d down 8.8% from March record China’s oil imports dropped from a record as purchases by the country’s independent refiners were seen slowing. Buying by China, which overtook the U.S. during the first quarter as the world’s biggest importer, averaged 8.4 million barrels a day in April, down 8.8 percent from a record the previous month, according to Bloomberg calculations based on data Monday from the General Administration of Customs. Net exports of oil products fell almost 49 percent from March to 1.01 million tons. Imports have accelerated this year as China’s state energy giants pump less crude after last year’s price crash forced them to cut spending on the country’s mature, high-cost fields. The import decline from a record in March was due to seasonal refining maintenance picking up and independent processors, known as teapots, […]

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