BEIJING: China's crude imports fell 9 percent in July from a year ago, hitting the lowest daily level since March, after subdued demand growth had led to speculation earlier this year of stockpiling by the world's largest energy consumer.
The International Energy Agency (IEA) last month revised down its forecast for growth in China's oil demand in 2014 to 3.3 percent, while imports rose 7.2 percent over the first seven months of the year.
China's crude imports in July came to 23.76 million tonnes, or 5.6 million barrels per day (bpd), down 9 percent year-on-year following a small spike in imports last July, customs data showed on Friday.
Imports were down 1.1 percent on a daily basis from June.
Refinery throughput hit a record high in June, suggesting that refiners are taking advantage of stable production and relatively high imports, even as demand growth remains weak.
The month-on-month fall in July's crude imports further dashed expectations for a rise after Chinese refineries returned from peak maintenance period in April and May.
Except for March, June and July, inbound shipments have held at more than 6 million bpd for five of the last eight months, hitting a record high of 6.78 million bpd in April.
Analysts have said high crude imports, still higher than necessary to meet demand, could suggest stockpiling in commercial storages or even the country's strategic petroleum reserves (SPR), whose second phase is expected to be completed in 2015.
China generated a surplus of more than 500,000 bpd in the first half of the year, based on a Reuters analysis of Chinese government data.
China rarely discloses information about its strategic reserves.
China imported 1.86 million tonnes of oil products in July and exported 2.31 million tonnes, leaving net oil product exports at 450,000 tonnes, customs data showed.
China became net oil product exporter twice earlier this year, in May and March, as a result of sluggish demand and high crude runs.
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