China’s crude oil imports in January-April fell 4.8% year on year despite inflows rising 6.6% to 10.51 million b/d in April as a recovery from the previous lows in March and February, data from General Administration of Customs showed on May 9.
Despite the compensation, China’s crude imports in the first four months fell 4.8% year on year to 10.44 million b/d. The trend is likely to continue as faltering domestic consumption amid tight COVID controls coupled with limited oil product exports access dampen Asia’s top consumer’s crude appetite, analyst said. The country cut crude imports to a four-month low of 9.51 million b/d in February amid Lunar New Year as well as Beijing Olympics and raised the flow to 10.1 million b/d in March. On barrels-per-day basis, the April volume went up 4.1% from March. The […]