China's crude oil imports in April unexpectedly surged to a record despite ...
SINGAPORE/BEIJING - China’s crude oil imports in April unexpectedly surged to a record despite refinery maintenance outages and tepid domestic fuel demand, customs data showed, as state-run refiners built up stocks of Iranian crude oil anticipating a sanctions clampdown.
That compared with 9.26 million bpd in March and was up 11 percent from the April 2018 level, according to Reuters calculations. “We may see stockpiles rising as state-run refiners pre-stocked supplies in April from Iran and the United States anticipating the impact of sanctions,” said Wang. Zhou Guoxiao, an analyst with JCL, said strong buying from independent refineries also contributed to hefty imports in recent months as these plants replenished stocks ahead of resumption of production after planned overhauls.
Total refined fuel demand in the first quarter edged up just 0.4 percent from a year earlier, state media reported. While apparent gasoline consumption gained 3.7 percent in the period, diesel usage dropped 4.1 percent.
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