Chemical News
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China's Nov crude oil imports rise 16% on year to record high of 10.5 mil b/d
https://www.chemnet.com Dec 11,2018 S&P Global Platts
China's crude oil imports rose 15.7% year on year to record high of 10.48 million b/d in November, preliminary data from the General Administration of Customs showed Saturday.
It was the first time China's monthly crude imports have totaled more than 10 million b/d. The previous record high was 9.64 million b/d in April 2018, GAC data showed.
On a barrels/day basis, the inflow represented a 13.9% increase from 9.19 million b/d in October.
GAC releases data in metric ton, which S&P Global Platts converts to barrels using a 7.33 conversion factor.
The country's crude imports in November totaled 42.87 million mt, up 10.3% from 38.88 million mt in October, the preliminary GAC data showed.
Robust imports in November lifted the country's crude oil imports over January-November to 418.11 million mt (9.18 million b/d), up 8.4% from the same period a year earlier.
Fuel oil imports stood at 1.5 million mt in November, rebounding 25.4% from a four-month low of 1.19 million mt in October.
China's oil product exports recovered to 4.5 million mt in November from an eight-month low in October after a new export quota allocation was released at end October. However, the volume was down 22.9% year on year.
Over January-November, China's product exports totaled 52.56 million mt, up 14.3% year on year, the data showed.
PRELIMINARY IMPORT, EXPORT DATA
Nov-18
Nov-17
Change
Oct-18
Change
Crude imports
42.87
37.04
15.7%
38.88
10.3%
Crude exports
0.26
0.85
-69.2%
0.14
85.8%
Net crude import
42.61
36.19
17.7%
38.74
10.0%
Oil product import
3.10
2.54
22.0%
2.55
21.6%
Oil product export
4.47
5.79
-22.9%
4.00
11.7%
Net oil prod export
1.37
3.25
-58.0%
1.45
-5.7%
Fuel oil imports
1.50
1.07
39.9%
1.19
25.4%
Jan-Nov 18
Jan-Nov 17
Change
Crude imports
418.11
385.79
8.4%
Crude exports
2.60
4.70
-44.7%
Net crude import
415.51
381.09
9.0%
Oil product import
30.24
26.89
12.4%
Oil product export
52.56
45.99
14.3%
Net oil prod export
22.32
19.10
16.9%
Fuel oil imports
14.88
12.14
22.5%
Source: China's General Administration of Customs
-- Oceana Zhou, oceana.zhou@spglobal.com
-- Edited by Wendy Wells, newsdesk@spglobal.com
