China’s February Fuel Oil Imports Dropped 33% MoM

Chinese fuel oil imports declined by around 33% on the month to 1.442mn tons in February, official customs data showed.

• Total January-February imports were up by 21% on the year.
• Fuel oil imports from Russia last month slumped to 443,000 tons, down from 1.18mn tons in January, when Russian shipments reached the highest since June.
• Venezuelan did not ship any fuel oil to China last month, compared with 141,000 tons in January, the first imports since May 2019.
• Imports from Malaysia rose to 340,000 tons, up from 134,000 tons in January.
• Iraqi fuel oil exports to China stood at 143,000 tons in February, down from 183,000 tons in January.
• Omani shipments dropped to 86,000 tons last month, down from 288,000 tons in January.
• Chinese fuel oil exports declined by 29.9% on the month to 1.173mn tons in February, customs data showed.