In August, China saw soaring crude oil imports due to the customs clearance of orders from earlier this year.
Last month, crude imports rose by 13% year-on-year to 47.48 mt or 11.18 million bpd. In comparison, June imports were at 12.94 million bpd, a monthly record. Refined oil products in the month jumped by 4.8% year-on-year to 4.27 mt, compared to July’s 3.21 mt.
Imports of natural gas hit 9.36 mt, up from 8.34 mt in the corresponding time last year and 7.35 mt in the previous month.
The country’s refiners have been taking advantage of the crushed oil prices since May but the congestion in the ports delayed the entrance of some imports. Until now, major Chinese ports are still clogged even when lately the congestion has eased.
As of Monday, 20 vessels were waiting to discharge oil at Qingdao port, while 18 were queuing near Rizhao port in the refining hub of Shandong province, according to Refinitiv data.
Looking ahead, some analysts foresaw the imports would ease as China’s fuel demand has peaked, while oil prices are recovering steadily. In the coming months, the country’s fuel demand would remain robust and would not see a sharp fall.
