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China Daily Oil Summary: Gasoline Imports Plummet

OIL
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China’s gasoline exports in April slipped to the lowest level since July 2015 according to customs figures on firmer domestic demand.

  • China imported crude oil from Venezuela for the third straight month according to official customs data while imports from Russia fell back after a surged to a near record high in March.
  • China's crude stockpiles increased in April as slower refinery processing outweighed a decline in imports, according to Reuters calculations based on official data.
  • China’s imports of fuel oil rose 10% in April year-on-year to 2.93m mt, according to GAC data, cited by Reuters, the highest level since at least 2020.
  • CDU capacity utilisation rates at China’s state-owned refineries are projected to rise in the week to May 23, according to OilChem.
  • POLICY: Beijing welcomes global automotive firms to integrate with the domestic economy and supply chain, with China one of the most open vehicle markets in the world, Huo Fupeng, a deputy director at the National Development and Reform Commission (NDRC) told state news outlet Xinhua on Monday.
  • FROM THE PRESS: Chinese provinces have issued over CNY100 million of consumer coupons to boost tourism in recent weeks, alongside a series of discounts offered by scenic spots, restaurants, and hotels, Caixin reported citing the Ministry of Culture and Tourism
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China’s gasoline exports in April slipped to the lowest level since July 2015 according to customs figures on firmer domestic demand.

  • China imported crude oil from Venezuela for the third straight month according to official customs data while imports from Russia fell back after a surged to a near record high in March.
  • China's crude stockpiles increased in April as slower refinery processing outweighed a decline in imports, according to Reuters calculations based on official data.
  • China’s imports of fuel oil rose 10% in April year-on-year to 2.93m mt, according to GAC data, cited by Reuters, the highest level since at least 2020.
  • CDU capacity utilisation rates at China’s state-owned refineries are projected to rise in the week to May 23, according to OilChem.
  • POLICY: Beijing welcomes global automotive firms to integrate with the domestic economy and supply chain, with China one of the most open vehicle markets in the world, Huo Fupeng, a deputy director at the National Development and Reform Commission (NDRC) told state news outlet Xinhua on Monday.
  • FROM THE PRESS: Chinese provinces have issued over CNY100 million of consumer coupons to boost tourism in recent weeks, alongside a series of discounts offered by scenic spots, restaurants, and hotels, Caixin reported citing the Ministry of Culture and Tourism