• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 9 mins Bloomberg: shale slowing. Third wave of shale coming.
  • 30 mins Boring! See Ya Clowns, And Have Fun In Germany
  • 10 mins China's Blueprint For Global Power
  • 5 hours Crazy Stories From Round The World
  • 7 hours USA Carried Out Secret Cyber Strike On Iran In Wake Of Saudi Oil Attack
  • 36 mins 5 Tweets That Change The World?
  • 9 hours Shale Magic: SABIC, ExxonMobil break ground on US Gulf Coast petrochemical project
  • 5 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 4 hours the future
  • 9 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 5 hours Climate Protesters Blocking Roads etc...
  • 29 mins Leftists crying to make oil patch illegal friendly: 'Broken system' starves U.S. oil boom of immigrant workers: CONGRESS DO YOUR JOBS INSTEAD OF PANDERING!
Will OPEC+ Cut Production Even Further?

Will OPEC+ Cut Production Even Further?

The outlook for oil markets…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

China’s Crude Oil Imports In May Ease From All-Time High

Oil

China’s crude oil imports dropped in May from the record-high in April, as some major refineries started planned maintenance and as China ordered some independent refiners to reduce operating rates this month ahead of a regional summit in the port city Qingdao in the eastern Shandong province.

China’s crude oil imports averaged 9.2 million bpd in May, according to Reuters calculations on data released by China’s General Administration of Customs on Friday.

The import volume last month was off the all-time high of 9.6 million bpd set in April, when independent refiners—the so-called teapots—shipped backlogged cargoes and bought more oil on the back of steady refining margins.

The Chinese imports in May 2018 grew by nearly 5 percent from the same month last year, when China had imported 8.76 million bpd.

But exports were off the record highs in April, because the refineries Sinopec Shanghai Petrochemical, Sinopec Yangzi, and PetroChina’s Dalian and Jilin were slated to undergo regular major maintenance between April and May.

Another reason for the lower Chinese imports in May was Beijing’s orders to several independent refiners in the Shandong province to process crude oil at reduced rates in June. Shandong’s port city Qingdao is hosting this month a summit of the Shanghai Cooperation Organisation (SCO).

Related: Why LNG Prices Are Poised To Soar

At least five independent refiners have been asked to cut processing rates, as China aims to show blue skies to the summit’s participants, sources at the refiners told Reuters last week. According to Reuters estimates, the run-rate cuts range between 30 percent and 50 percent of the refineries’ capacities, which would remove around 45,000 bpd of crude processing capacity from the market.

Commenting on China’s total crude oil imports for May, Seng-Yick Tee of consultancy SIA Energy told Reuters:

“Overall, independents continued to be the main driver for incremental growth due to more quotas, and state refiners PetroChina and CNOOC also contributed to a large extent to the imports due to commissioning of new plants.”

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
Download on the App Store Get it on Google Play