China’s April crude imports increased 5% on the year – JLC

Chinese crude oil imports were about 44.72 million mt in April, an increase of 5% on the year, JLC reported.

PHOTO: Oil pump jacks with the Chinese flag in the background. Getty Images

The country imported around 10.88 million b/d of crude oil in April, market intelligence provider JLC reported citing data from the General Administration of Customs (GACC). 

The increase in China's April crude imports compared to the previous year has eased concerns about weakening demand growth in one of the world’s leading crude oil importers. This has supported Brent futures' gains.

“Chinese [crude] imports rose much more than market estimates,” said Tina Teng, a New Zealand-based independent market analyst.

Despite the year-on-year gain, the country’s crude oil imports saw a 6% drop in April, from 49.05 million mt in March, JLC reported.

“Chinese buyers cut their purchases of imported cargoes arriving in April, as more refineries were scheduled to come under maintenance in the month,” JLC noted.

The country’s total crude imports in the first four months of this year were 182.07 million mt, up 2% compared to same period last year, JLC added.

By Aparupa Mazumder 

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