China's Crude Oil Imports Soar to Third-Highest Monthly Level on Record in May
(MENAFN) China's crude oil imports in May reached the third-highest monthly level on record, according to data released by the General Administration of Customs. The increase in imports can be attributed to refiners ramping up operations and building inventories following maintenance activities in April. In total, China imported 51.44 million tons of crude oil in May, equivalent to 12.11 million barrels per day (bpd). This represents a notable rise of 12.2 percent compared to May of the previous year when imports stood at 10.79 million bpd.
The month-on-month comparison also reveals a significant surge in shipments to China, with a 17.4 percent increase from April's imports of 10.32 million bpd. Despite a mixed macroeconomic landscape, the accumulation of inventories has played a crucial role in sustaining the demand for crude oil imports in the country.
Furthermore, China's natural gas imports also witnessed a notable uptick in May. The country imported 10.64 million tons of natural gas, marking a 17.3 percent increase from the previous year and representing the highest monthly level since January 2022.
In terms of refined fuel, China's exports experienced significant growth as well. Refined fuel exports rose by 49.5 percent, reaching 4.89 million tons compared to the same period last year.
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