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China’s Fuel Oil Imports Soar to Highest Since 2020

OIL PRODUCTS
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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.

  • This equates to around 620.18k b/d, 48% higher than March. The increase was driven by increased shipments from Venezuela and Iran, traders told Reuters.
  • Imports were also supported by some refiners ramping up buying before prices likely strengthened further, amid a global rally in the high sulphur fuel oil market in Q2.
  • Fuel oil export volumes, mostly low-sulphur fuel oil, in April were at 1.64m mt, or 347.13k b/d. This is up 10% on the year.
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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.

  • This equates to around 620.18k b/d, 48% higher than March. The increase was driven by increased shipments from Venezuela and Iran, traders told Reuters.
  • Imports were also supported by some refiners ramping up buying before prices likely strengthened further, amid a global rally in the high sulphur fuel oil market in Q2.
  • Fuel oil export volumes, mostly low-sulphur fuel oil, in April were at 1.64m mt, or 347.13k b/d. This is up 10% on the year.