Chinese Crude Imports Slip Jan-Feb y-o-y

China’s crude oil imports fell 1.3% in the first two months of 2023 from a year earlier according to General Administration of Customs data.

• Imports during January-February totalled 84.06 million tonnes, or about 10.40 mn bpd.
• China imported 10.53 mln bpd in the same period last year.
• Official figures did not give a breakdown between the months but vessel tracking indicates purchasing increased into February as the economy began reopening.
• Independent refiners also raised runs during the two months, operating at 67.5% of capacity, which was 4.4 percentage points higher than a year earlier according to JLC.
• Natural gas imports for January-February, including piped gas and LNG, fell 9.4% from a year earlier to 17.93 million tonnes.