China's Crude Oil Imports Surge 45.3%, Defying Weak Domestic Demand

Shafaq News/ China experienced a remarkable surge in its crude oil imports during June, jumping by a staggering 45.3% compared to the previous year, according to customs data released on Thursday. This surge occurred despite weak domestic demand as refinery stocks increased.

Data from the General Administration of Customs revealed that China's total crude oil imports in June reached an impressive 52.06 million metric tons, equivalent to 12.67 million barrels per day. This figure represents the second-highest monthly import volume ever recorded. It showcases a significant increase from the 8.72 million barrels per day imported in June of the preceding year when the economy grappled with extensive COVID-19 lockdown measures.

Furthermore, the data indicates that China's crude oil imports maintained their upward momentum on a monthly basis, experiencing a 4.58% increase from May's import volume of 12.11 million barrels per day.

Over the first half of this year, China's total crude oil imports amounted to 282.1 million tons, reflecting an 11.7% surge compared to the same period in the previous year, which recorded imports of 252.52 million tons.

To alleviate inventory pressure at its ports, refineries in the eastern province of Shandong intensified their operations, taking advantage of lifted restrictions on the import of diluted bitumen.

China, renowned as a major industrial country, continues to maintain its position as the world's largest importer of crude oil.