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China’s crude oil imports ease in March

Gasoil News - Published on Tue, 16 Apr 2019

Image Source: Reuters
As per General Administration of Customs, China’s March crude oil imports were 39.34 million tonnes, or 9.26 million barrels per day, the lowest since October 2018, down by 9.4% from 10.23 million bpd in February but up 0.4% YoY with at least six Chinese state-owned refineries plan to close for maintenance in 2019 with the bulk of the closures occurring during the second quarter of the year before fuel demand peaks in the third quarter. The fall in imports also came after China’s stockpiling efforts for its strategic reserves eased in March in response to higher crude prices.

For the first quarter, crude oil imports rose 8.2% from a year earlier to a record 121.17 million tonnes, or about 9.83 million bpd. That was 740,000 bpd more than the rate of 9.09 million bpd during the first quarter last year.

Last month, refined fuel exports surged to 7.21 million tonnes, the highest monthly rate in Reuters records going back to 2012, a strong indication of growing domestic fuel surplus as privately owned Hengli Petrochemical’s 400,000-bpd plant reaches full operation.

China’s total natural gas imports also eased amid warmer weather and the end of heating season. Gas arrivals via pipeline as well as liquefied natural gas cargoes were 6.94 million tonnes in March, down from February’s 7.57 million tonnes.

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Posted By : Rabi Wangkhem on Tue, 16 Apr 2019
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