China's July crude imports rise 17% year on year
Crude shipments into the world's biggest oil importer in July totalled 43.69 million metric tons, or 10.29 million barrels per day , the data from the General Administration of Customs showed.Still, oil imports were 17% higher than the 8.79 million bpd brought in a year earlier, a period when China's economy was hammered by widespread COVID outbreaks and extensive lockdowns.
Li noted that China's onshore crude oil inventories were over 1.02 billion barrels at the end of July and the consistent rise in those stockpiles could allow Chinese refiners to slow their purchases in the coming months. Higher profit margins for fuels in Asia pushed Chinese oil product exports higher in July and supported the higher processing rates.
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