China’s crude oil trade numbers regestered new heights as it doubled the import from the Kingdom of Saudi Arabia which maintained its status quo as the top supplier to the world’s biggest oil buyer followed by cheap fuel prices.
Data from the General Administration of Customs showed that imports from the Kingdom reached 9.165 million tonnes, or 2.16 million barrels per day (BPD) last month, amounting to a 95% increase from 1.11 million BPD in May 2019. It also showed a rise of 71% when compared to the numbers of 1.26 million BDP in April 2020.
As Chinese refineries ramped up their production to meet a recovery in fuel demand, they have also managed to increase the crude storage to take advantage of cheap prices induced by COVID-19 lockdowns.
Kpler, a Paris-based energy consultancy estimates that China’s crude storage has touched an all-time high of 782 million barrels, with current capacity standing at 61%.
Data revealed earlier this month showed that as demand for fuel increased greatly after the easing of coronavirus curbs, China’s overall crude oil imports surged by 19.2% in May when compared to a year earlier to the highest monthly level on record.
The customs data released yesterday showed that Chinese refineries received their first US crude cargo of around 550,000 tonnes in May. While Refinitiv data reveals that China is set to import a record amount of U.S. crude oil in July.
