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China’s June Fuel Oil Imports Reached 2023 High

OIL PRODUCTS

China's June fuel oil imports hit the highest monthly level so far in 2023 amid strong imports of Russian oil, data from the General Administration of Customs showed.

  • Fuel oil imports reached 2.7mn tons in June, up by 5% month on month, and more than triple from the same month las year.
  • China’s independent refiners boosted purchases of fuel oil to be used as a refinery feedstock this year, especially discounted barrels of Russian fuel oil, including indirect imports that have passed through blending hub Malaysia.
  • Direct fuel oil imports from Russia stood at 1.42mn tons in June, down from 1.55mn tons in May, and imports via Malaysia rose to 989,000 tons in June, up by 85% from May.
  • H1 fuel oil imports from Russia tripled year on year.
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