chinese crude imports hit record

摘要

China’s net crude imports rose to a record 6.2mn b/d in May, up by 470,000 b/d on April. This pushed apparent demand — domestic output plus net imports — to 10.26mn b/d, only the third time it has risen above 10mn b/d. Net crude imports were 840,000 b/d up from May last year, according to preliminary customs bureau data. But refinery runs rose at a much slower 30,000 b/d to just under 9mn b/d. June runs should increase to 9.34mn b/d, sur- passing the 9.1mn b/d seen in January- May. Domestic production picked up to 4.05mn b/d from 3.9mn b/d over the previous 12 months.