Highlights Q1 crude imports fall 8% on year Crude imports in April, May to fall March oil product exports drop 40% on year China’s crude oil imports in March rose 6.2% to 10.1 million b/d from a four-month low in February, but were still 14% lower year on year, data from the General Administration of Customs showed April 13.
The year-on-year fall was due to a high base in March 2021, and analysts expected inflows in April and May to fall back to an average 9.5 million-9.8 million b/d due to high crude prices amid Russia-Ukraine war, while domestic demand worsened as reemergence of COVID-19. China’s imports of 11.74 million b/d in March 2021 was the last time the volume was above the 11 million b/d, GAC data showed. China’s crude imports in the first […]