• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 15 mins EU has already lost the Trump vs. EU Trade War
  • 8 hours Impeachment S**te
  • 2 days Science: Only correct if it fits the popular narrative
  • 15 hours 55.00 WTI
  • 2 hours More dumbed down? re Hong Kong Act of Congress
  • 2 hours Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 2 days IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
  • 2 days Crazy Stories From Round The World
  • 50 mins U.S. Shale To Break Records Despite Bearish Rhetoric
  • 22 hours Everything You Need To Know About Trump
  • 15 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 8 mins Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 17 hours Water, Trump, and Israel’s National Security
  • 2 days ‘If it saves a life’: Power cut to 1.5 million Californians
  • 2 days Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
This European Nation Is Planning A Complete Offshore Oil Ban

This European Nation Is Planning A Complete Offshore Oil Ban

Under pressure from environmentalists, Ireland…

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:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play