China’s August crude oil imports surged on the month – JLC

China’s crude oil imports soared in August, after falling to multi-month lows in July, reported market intelligence provider JLC, citing data released by China’s General Administration of Customs (GACC).

PHOTO: An oil rig against the Chinese flag. Getty Images

China’s total crude oil imports in August were about 52.80 million mt, reported JLC.

On a daily basis, the country imported 12.43 million b/d [1.76 million mt] of crude oil, which is the third highest-ever daily average level, according to JLC.

China recorded the highest crude import in June 2020 at 12.94 million b/d and reached a second record high level in June 2023, when the country imported 12.67 million b/d of crude.  

“The August imports represented a month-on-month jump of 20.86% and a year-on-year surge of 30.84%,” the report further said, citing GACC data.

PHOTO: China's crude oil imports in 2021-2023. JLC

Chinese refiners imported higher volumes of crude oil in August in anticipation of strong fuel oil demand during September and October, JLC stated. The country usually sees strong fuel oil consumption during the National Day holidays between late September and early October.

Besides, refiners are expected to boost oil products exports from September onwards after the government announced its third batch of export quotas earlier this month. This "will drive up the needs for feedstocks," JLC said.

It also said that China might ramp up exports of oil products to “stimulate foreign trade” and combat the country’s economic downturn.

The country imported a total of 378.55 million mt of crude oil in the first eight months of this year, up by 14.7% compared to the same period last year, JLC stated.

By Aparupa Mazumder 

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