• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 12 hours How Far Have We Really Gotten With Alternative Energy
  • 8 days They pay YOU to TAKE Natural Gas
  • 5 days What fool thought this was a good idea...
  • 8 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 3 days A question...
  • 14 days The United States produced more crude oil than any nation, at any time.
Editorial Dept

Editorial Dept

More Info

Premium Content

Chinese Oil Imports Spike

Oil imports

1. Chinese Oil Imports Soar to New Highs

- Chinese crude imports have reached their highest level since June 2020, with the country’s General Administration of Customs showing 52.3 million tons of oil imported, up 22% year-on-year.

- Despite GDP growth slowing down to 5% this year, China’s oil demand has been greatly boosted by the removal of stringent travel curbs and re-emerging flight activity.

- According to Kpler data, exports of Chinese products plunged last month to a third of December 2022 readings (when they hit an all-time high), a mere 650,000 b/d.

- Chinese refiners have been buying a great deal of spot cargoes from the Asian market, but they might prefer to run down their stocks in the summer as the OPEC+ production cut limits oil availability and hikes prices.

2. Diesel Cracks Weaken Despite Supply Woes

- European diesel margins reached their lowest levels this week since the Russia-Ukraine war began in late February 2022 and boosted the profitability of refiners.

- Falling as low as 17 per barrel, profit margins for refining crude into diesel are less than a quarter of the all-time high of more than 80 per barrel recorded in October 2022 amidst widespread concerns that the loss of Russian diesel would disrupt European demand.

- The closure of French refineries by striking trade unions has curtailed diesel supply in Northwest Europe, at the same time the widespread protests have also curbed driving…

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News