China’s crude oil imports stood at an all-time high of 53.18 million tons (12.99 million bpd) in June, surging by 34.4% from a year earlier, preliminary data from the General Administration of Customs showed. It was the first time crude inflows to China broke above 12 million bpd and was 14.6% above the previous record of 11.34 million bpd in May.
Imports were higher last month, driven by rush purchases by Chinese importers to secure cheap barrels in late March. However, the record-high inflows caused severe congestion in Chinese ports where tankers are waiting in long queues to discharge their loads.
In the first half of 2020, China imported 10.82 million bpd of crude oil, rising by 9.3% from the same period last year, although imports hit an eight-month low of 9.72 million bpd amid the height of the coronavirus pandemic in March.
Meanwhile, China’s oil product exports declined further from 3.89 million tons in May to a 16-month low of 3.88 million tons in June. Oil product exports hit a new record high of 8 million tons in April. Oil product exports rose 3.8% year-on-year to 33.76 million tons in the first six months of 2020, customs data showed. China’s oil product imports increased by 0.7% to 16.9 million tons over the same period. This resulted in net oil product exports of 16.86 million tons, 7.1% higher than a year earlier.
