• 5 minutes Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 8 minutes China Faces Economic Collapse
  • 12 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 14 minutes Iran in the world market
  • 17 minutes Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 3 hours USA Wants Iran War -- Shooty Shooty More
  • 4 hours Experts review drone damage . Say Saudis need to do a lot of explaining.
  • 8 hours Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 8 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 2 hours Saudis Confirm a Cruise Missile from Iranian Origin
  • 20 hours USA : Attack came from 'Iranian soil'. Pompeo to release 'evidence'.
  • 4 hours The Spy Money: U.S. Wants To Seize All Money Edward Snowden Makes From New Book
  • 48 mins Aramco Production
  • 10 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 59 mins Trump Will Win In 2020 And Beyond..?
  • 2 hours The Belt & Road Initiative: A Wolf in Sheep's Clothing?
Banks Battle For The Aramco IPO

Banks Battle For The Aramco IPO

The battle between investment banks…

China’s Crude Oil Imports Rise In June

Dalian

Thanks to demand from the start-up of major refineries, Chinese crude oil imports in June have increased since May, and has increased by 15.2 percent from June last year, customs data compiled by Reuters showed on Friday.

China’s crude oil imports in June averaged 9.63 million bpd, an increase of 1.7 percent from an average of 9.47 million bpd in imports in May, and a 15.2-percent increase from 8.36 million bpd in June last year, according to Reuters calculations in barrels from data in tons provided by the Chinese General Administration of Customs.

Despite weaker refining margins and a glut of refined oil products, demand for crude in China increased last month thanks to Hengli Petrochemical, which had a new refinery start up earlier this year and ramped up to full 400,000-bpd capacity at the end of May. Another 400,000-bpd refinery, of Zhejiang Petrochemical, began trial runs, further pushing demand for crude.

China’s June crude oil imports increased from May, but were off their record in April, when China hit a new monthly record of 10.64 million bpd in crude imports as refiners rushed to stock up on Iranian oil before the U.S. removed the sanction waivers.

Then, China’s crude oil imports dropped in May from the monthly record in April, as Chinese refiners drastically reduced Iranian oil imports after the end of the U.S. waivers and as some state refineries were offline for planned maintenance.

According to Chinese customs data and Reuters estimates, crude oil imports in the first half of 2019 averaged around 9.87 million bpd, which is an 8.8-percent increase in import volumes compared to the first half of 2018.  

However, China’s crude oil demand, and possibly imports, could be dragged down in the short term by signs of wobbling economy and refiners curtailing refinery runs in the third quarter as massive refinery start-ups and slowing domestic fuel demand have created a fuel glut in the country, hurting refining margins.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Mamdouh Salameh on July 12 2019 said:
    Two important points to note. The first is that there is no sign whatsoever of a slowdown in China’s economy. It is still projected to grow this year at a very healthy 6.5%.

    The second fact is that China’s oil imports are continuing to grow at an average annualized rate of 5.3%. Imports averaged 9.87 million barrels a day (mbd) during the first half of 2019. This is 5.8% higher than 2018. Moreover, they are projected to hit 11 mbd this year. These are not signs of a faltering economy or oil demand.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

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