China’s Apr crude oil imports rebound to record high 10.68 mil b/d
China’s crude oil imports in April hit a record high of 10.68 million b/d, rebounding from 9.3 million b/d in March, preliminary data from the General Administration of Customs showed Wednesday.
On a barrels per day basis, the volume represented a 14.9% month-on-month jump, and rose 10.8% from April 2018.
The previous record high was 10.48 million b/d in November 2018 and the country’s crude imports were hovering above 10 million b/d for four months until March, when the volume fell to 9.3 million b/d.
GAC releases data in metric tons, which S&P Global Platts converts to barrels using a 7.33 conversion factor.
The country’s crude imports in April totaled 43.73 million mt compared with 39.34 million mt in March, the preliminary GAC data showed. This brought China’s crude oil imports in the first four months to 164.58 million mt or 10.07 million b/d, up 8.9% year on year.
Fuel oil imports in April also saw healthy growth both on a year-on-year and month-on-month basis to 1.69 million mt.
PRODUCT EXPORTS FALL 14% ON MONTH
Meanwhile, China’s oil product exports retreated 14.4% to 6.17 million mt from the record high of 7.21 million mt in March due to tight export quotas and maintenance of exporting refineries in April, GAC data showed.
As a result, net oil product exports fell 36.8% on the month to 2.66 million mt in April, the data revealed.
In the first four months, oil product outflow rose 16.4% to 22.61 million mt, while inflow gained 8.8% year on year to 12.22 million mt.
As a result, net oil product exports surged 26.9% on the year in January-April to 10.38 million mt.
CHINA’S PRELIMINARY OIL IMPORT, EXPORT DATA (million mt)