Free Trial

Chinese August Crude Imports Rose 21% MoM

OIL

China’s crude oil imports in August rose to 12.5mbpd, or 52.8mn tons, up by 21% month on month as private refiners snapped up Iranian shipments, and state-owned processors ramped up operating rates after a period of maintenance work, customs data show.

  • The monthly volumes are the highest since June and close to previous record levels.
  • Imports were driven last month by an uptick in Iranian barrels which are the most price competitive option, Viktor Katona, analyst at Kpler said. Imports were also driven by Chinese refiners’ re-stockpiling activity, he added.
  • Importers were keen to buy discounted barrels from Russia and Iran to maximize profit margins from domestic and overseas fuel sales. State refiners were running at record rates in August, according to OilChem. A bumper exports quota issued last week means plants will keep their runs and inflows elevated in support for growth.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.