China imported less crude last month amid rising stocks, port congestion.

摘要

After Chinese crude imports rose to a record 12.94MM b/d in June as local refiners looked to take advantage of discounted volumes, imports in July fell 6.6% month-on-month to 12.08MM b/d preliminary data from China's general customs administration (GAC) showed on Aug. 7. The month-on-month decline in imports was attributed to growing crude stocks in the country combined with ongoing congestion at Chinese ports, delaying the offloading of imported crude cargoes. China's crude inventory hit a fresh high of 889.35MM bbl in the week beginning July 20, up from 874.84MM bbl in the same week during June, according to data intelligence firm Kpler. The data intelligence firm added 79.16MM bbl of crude was held on tankers idled in Chinese waters for seven or more days in the week beginning Aug. 3.