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China crude oil imports hold at strong levels in June
July 13, 2017 / 3:30 AM / 4 months ago

China crude oil imports hold at strong levels in June

BEIJING (Reuters) - China imported 36.11 million tonnes, or 8.79 million barrels per day (bpd) of crude oil in June, customs data showed on Thursday, again making the country the world’s top buyer for the month.

FILE PHOTO - A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo. REUTERS/Stringer/File Photo

June imports were up 17.9 percent from a year earlier, according to Reuters calculations, although shipments dipped 2.9 percent from May’s figure, which was the second-highest on record.

Strong demand is being driven by low oil prices and growth in sports utility vehicle sales, said Neil Beveridge, a senior analyst with Sanford C. Bernstein in Hong Kong. Appetite for imports is also being stoked by declining domestic output.

Imports compared with average shipments to the United States in June of 7.94 million bpd, according to Reuters calculations based on weekly U.S. data.

For the first six months of 2017, China shipped in 212 million tonnes of crude, or 8.55 million barrels per day (bpd), up 13.8 percent on the same period in 2016, according to customs. <TRADE/CN>

Imports had grown to the second highest on record in May, amid concerns over tightening crude supply in Asia as OPEC and other producers extended production cuts to March 2018.

Imports of natural gas in the first six months of the year were up 15.9 percent at 31.09 million tonnes, while imports of refined oil products fell by 2.8 percent to 15.03 million tonnes in the first half of the year, the customs data showed.

Reporting by Cheng Fang, Dominique Patton and Tom Daly; Editing by Joseph Radford and Richard Pullin

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