China's June crude oil imports jumped 45% - JLC

China’s crude oil imports in June surged 45% on the year, backed by strong growth in domestic demand, data from information provider JLC shows.

PHOTO: Getty Images

China imported 52.06 million mt of crude oil in June, according to JLC. The country's daily imports averaged 12.67 million b/d in June, up from 12.11 million b/d in May, and 8.72 million b/d in the corresponding month last year.

The country's June oil imports marked the second-highest monthly figure on record.

Strong domestic demand and inflow of large volumes of discounted crude grades led to a substantial increase in imports in June, JLC said.

“Chinese refiners placed more orders for imported cargoes to arrive in June, as they expected demand to recover further,” JLC said in the report.

It further said that the year-on-year rise was aided by a “low base” effect, as oil demand growth in the country was severely affected by recurring COVID-19 outbreaks in June 2022.

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

A growth in refining capacity also boosted crude imports after private refiner Shenghong started a 320,000 b/d refinery in May last year, and oil company PetroChina started its 400,000 b/d refinery in Jieyang city in late 2022, the report said.

“Domestic refinery maintenance dropped in June, after peaking in May, and will decline further in July-August, which will bolster the country's crude runs,” JLC added in its report.

China’s June oil imports hit a record high with 12.94 million b/d in 2020, the report said citing data released by the General Administration of Customs.

By Aparupa Mazumder 

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