• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 5 hours Oil prices going Up? NO!
  • 15 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 14 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 18 mins The Tony Seba report
  • 20 hours Oil prices going down
  • 23 hours Could oil demand collapse rapidly? Yup, sure could.
  • 1 hour Saudi Arabia turns to solar
  • 13 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 2 days Oil Buyers Club
  • 7 hours Kenya Eyes 200+ Oil Wells
  • 7 hours Are Electric Vehicles Really Better For The Environment?
  • 2 days Gazprom Exports to EU Hit Record
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 22 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Could Venezuela become a net oil importer?
  • 21 hours Tesla Closing a Dozen Solar Facilities in Nine States
Uncertainty Looms Large Over Latin American Oil

Uncertainty Looms Large Over Latin American Oil

While Venezuela is grabbing a…

Core OPEC Ramps Up Production Ahead Of Meeting

Core OPEC Ramps Up Production Ahead Of Meeting

Saudi Arabia has been one…

China’s April Crude Oil Imports Retreat From Record Volumes

Beijing

China imported lower volumes of crude oil in April compared to the record-breaking imports in March, as seasonal refinery maintenance accounted for less crude needed to process, Reuters reported on Monday, citing data by the General Administration of Customs of China.

China bought 34.39 million tons of crude oil in April, equal to around 8.37 million barrels per day (bpd). This was almost 9 percent lower than the March crude oil imports, according to customs data compiled by Reuters.

With a daily import rate of 9.17 million barrels of crude oil in March, China broke its own previous record and overtook the U.S. as the largest importer of the commodity globally, both in March and in the year to date. One of the reasons for the spike in March imports was teapots scrambling to get crude after they finally received their import quotas from the government.

Although lower than the March rate, China’s crude oil imports in April were still 5.5 percent higher compared to April last year.

The volume of imports between January and April was 12.5 percent higher compared to the same period last year, according to the customs data, as quoted by Reuters.

The April decline from March was the result of both seasonal maintenance and independent refiners—the so-called teapots—buying less because they had reached their import quotas, Bloomberg quoted Jean Zou, an analyst at Shanghai-based commodities researcher ICIS-China, as saying.

Before the April imports figures were released, Tian Miao, a Beijing-based analyst at North Square Blue Oak, told Bloomberg:

“March imports were driven by stockpiling and inventory builds from teapot refineries, something that doesn’t happen very often, so that could easily be the monthly record for this year.”

Related: Tech Breakthroughs May Save Deepwater Oil

Last year, China met 64.4 percent of its crude oil demand with imports because of high production costs at home and favorable international prices resulting from the global glut. This was a 3.8-percent increase on 2015, Chinese media reported, adding that the level of dependency will increase further this year.

By Tsvetana Paraskova 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