SHANGHAI: China’s crude oil imports rebounded in June and were up month-on-month and year-on-year, data showed on Monday, after refineries increased operations and imports rose from Saudi Arabia and Iran, according to consultancies.
The world’s largest crude oil buyer imported 49.89 million metric tons of crude oil, equivalent to 12.14 million barrels per day, data from the General Administration of Customs showed. The volume rose by 7.1% compared with 46.6 million tons in May and also rose 7.4% from June 2024.
Maintenance affected a combined refining capacity of 107.7 million tons per year in June, down by 22.2 million tons from May, according to data from local consultancy Oilchem.
“We estimate that China’s crude oil demand rose to 15.17 million bpd in June, up from 14.8 million bpd in May, as more refineries resumed operations following spring turnarounds,” Kpler analyst Muyu Xu said. Kpler also observed an increase in imports from Saudi Arabia and Iran in June. Kpler’s data show that China’s imports from Saudi Arabia rose by 845,000 bpd to 1.78 million bpd, as lower OSPs prompted Chinese refiners to nominate more May and June loading cargoes.
Iranian crude imports also increased sharply, climbing by 445,000 bpd to 1.49 million bpd as independent refineries replenished inventories following the end of spring maintenance, the firm added.
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