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China crude imports rebound in August, imports up 6.2%

China imported 37.93 million tons in August, 8.93 million bpd, and the second straight monthly rise followed eased fuel export restrictions and higher overseas fuel shipments.

Reported · Written up by our desk · Energy

China’s crude oil imports rose for a second consecutive month in August as refiners sought more non-Middle Eastern supply and increased overseas fuel shipments, according to OilPrice citing Chinese customs data.

China imported 37.93 million tons, or 8.93 million barrels per day, in August. That was up 6.2% from July, after imports fell to a decade-low in June.

While August volumes were still 23.4% lower than the same month last year, the level marked a recovery from June’s trough of just 7.1 million bpd, OilPrice reports.

OilPrice also points to easing restrictions on China’s fuel exports, which encouraged refiners to restock and take advantage of refining margins amid a global fuel supply crunch, especially for diesel.

Latest closeWTI crude $90.70 ▲0.5%

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