Imports rise sharply

摘要

Chinese refiners sharply boosted crude imports to record levels in March, despite a fall in throughputs. Net crude imports rose by 400,000 b/d to a record of just under 4mn b/d, with much of the increase coming from west Africa. March Angolan crude imports rose to 860,000 b/d from just over 600,000 b/d in February. But refinery runs fell by 75,000 b/d in March from February's record levels (see table). The fall was smaller than in initial maintenance schedules, suggesting that refiners were under more pressure from the government to keep operating, despite poor margins (AGM, 10 March, p3).