China’s crude oil imports up by 13.8% in October

Preliminary trade data released by China’s General Administration of Customs showed that crude oil imports surged 13.8% year-on-year in October, reaching 23.68 million metric tons (mt) or an average of 5.6 million barrels per day (bpd). Volumes were also up by 14.1% from September’s 4.91 million bpd, marking the third high this year after the 6.02 million bpd seen in May. But the September and August crude imports, which were at 4.35 million bpd, were the lowest monthly levels this year, bringing average third quarter volumes to 4.81 million bpd.
Analysts had predicted earlier that China’s refiners would start importing more crude in the fourth quarter to rebuild stocks consumed in the second and third quarters, and to keep pace with refining capacity expansions which will be coming online by the end of the year. According to the National Bureau of Statistics, total refinery runs in October increased by 6.7% year-on-year to 39.92 million mt or 9.44 million bpd, the second highest daily volume so far, which is only slightly lower than the record high of 9.47 million bpd posted in September, and up by 7% year-on-year.
China’s total crude imports rose by 7.1% year-on-year to 224.07 million mt (5.39 million bpd) from January to October. Crude oil exports in October rose to the second highest level this year, at 350,000 mt or 80,000 bpd, which is slightly lower than the 110,000 bpd exported in February this year.
The country’s total crude oil exports in the first 10 months of the year rose by 8.6% year-on-year to 2.23 million mt. But total oil product imports from January to October went down by 3.1% year-on-year to 32.17 million mt. (November 11, 2012)