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China Crude Imports Rise Slightly to 11.3mn bpd in June

OIL

China crude imports rose to 11.3mn bpd in June, up slightly from 11.06mn bpd in May according to customs data.

  • On a y/y basis, they slipped from a record high of 12.67mn bpd in June 2023.
  • Chinese demand has been pressured by higher crude prices and weak refining margins, especially for independent refiners.
  • Imports for the first-half of 2024 totalled about 275 million tons, or 11.05 million bpd, down 2.3% on the year.
  • Gasoline demand between January and May fell nearly 2% y/y and diesel dropped 14%, according to Chinese commodities consultancy Sublime China Information.

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