China Reports 14% Increase In H1 Crude Oil Imports

14 Jul 2017   China

Chinese customs data has revealed that the world’s second-largest consumer of crude oil imported 8.55 million barrels of oil daily during the first half of the year, or 212 million tons in total – a 13.8-percent annual increase. In May alone, Chinese refiners imported 37.2 million tons of crude, or 273 million barrels. This was up 15.4 percent from May 2016, and the second-highest monthly import rate ever. The growth in imports comes on the back of higher refinery runs after a maintenance period, as well as dwindling local crude production. In May, Chinese refineries processed 46.62 million tons (342 million barrels) of crude oil, up 5.4 percent on the year, while domestic production fell by 3.7 percent to 16.26 million tons (119 million barrels). The U.S. is the latest addition in the group of exporters of crude to China, with shipments over the first five months of the […]

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