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BEIJING : China’s crude oil imports in July rose 17 per cent year on year, customs data showed on Tuesday, as domestic inventories continued to build and overseas fuel exports surged.
Crude shipments in July totalled 43.69 million metric tons, or 10.29 million barrels per day (bpd), the data from the General Administration of Customs showed.
As was the case in the previous month, the figures were a marked increase on the 8.79 million bpd imported in July last year, a period when China’s economy was hammered by widespread COVID outbreaks and extensive lockdowns.
However, crude imports fell 18.8 per cent from June’s 12.67 million bpd. June’s figures had represented the second highest monthly total on record.
Despite a lower overall volume of imports, state-owned refineries have been increasing processing rates, with the average operating rates at 78 per cent-82 per cent in July, up 2-3 per centage points from June, data from consultancy Zhuochuang showed.
Consumption of gasoline had been expected to pick up with summer travel demand.
Domestic gasoline inventories fell around 3 per cent between mid-June and mid-July, while diesel inventories rose roughly 2 per cent as weak merchandise export volumes and a slowdown in the property sector continue to dent demand, according to data from Longzhong consultancy.
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