• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 7 hours Satellite Moons to Replace Streetlamps?!
  • 1 day US top CEO's are spending their own money on the midterm elections
  • 1 hour EU to Splash Billions on Battery Factories
  • 5 hours U.S. Shale Oil Debt: Deep the Denial
  • 13 hours The Balkans Are Coming Apart at the Seams Again
  • 1 day OPEC Is Struggling To Deliver On Increased Output Pledge
  • 39 mins The Dirt on Clean Electric Cars
  • 5 hours Owning stocks long-term low risk?
  • 1 day Uber IPO Proposals Value Company at $120 Billion
  • 15 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 1 day A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 1 day 10 Incredible Facts about U.S. LNG
  • 1 day U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
Hedge Funds Continue To Reduce Bullish Bets On Oil

Hedge Funds Continue To Reduce Bullish Bets On Oil

Money managers and hedge funds…

The Dark Horse Of The Oil Price Rally

The Dark Horse Of The Oil Price Rally

Vietnam is set to break…

China Reports 14% Increase In H1 Crude Oil Imports

Refinery

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 year averaging almost 100,000 bpd. That, according to customs data cited by Hellenic Shipping News, was a tenfold increase on the average for 2016. Back in February, China overtook Canada as the biggest client of U.S. crude.

Related: Corpus Christi Set To Become The Next Oil Export Hotspot

The second half of the year could see a further increase in U.S. shipments: Saudi Arabia yesterday said it would reduce its Asia-bound crude exports by 200,000 bpd next month due to peak demand at home.

China, on the other hand, last month approved a second round of oil import quotas for independent refineries and several state operators that will bring the total import quota amount to 91.73 million tons or 1.83 million barrels per day for the whole of 2017. The first round of quotas, issued in January, allowed for the import of 68.81 million tons and the second one is for 22.92 million tons.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News