Recovery in place: China raises oil imports and boosts fuel exports

摘要

The country imported 9.84MM b/d of crude last month,up from 9.68MM b/d in March,according to data from China's General Administration of Customs (GAC).The month-on-month increase in imports was said to be due to Chinese refineries ramping up throughput as fuel demand is rebounding following the lifting of lockdowns implemented to stem the spread of COVID-19.Throughput at privately-owned refineries (teapots)late last month rose to nearly 70%,the level seen before COVID-19,from a low of 42% in mid-Feb.according to data from Longzhong Information Group and Sublime Info.A monthly survey by S&P Global Platts showed teapots imported 13.19MM mt (3.22MM b/d)of crude in April,up from 12.20MM mt (2.98MM b/d)in March.These imports included 2.10MM mt (15.31MM bbl)of Russian East-Siberia-to-Pacific-Ocean blend,942K mt (6.88MM bbl)of Norwegian Johan Sverdrup,and 820K mt (6.00MM bbl)of Brazilian Lula crude during the month.