China’s crude imports reach record highs in May

Oil

China’s crude imports rose 1.46M b/d m-o-m to 11.34M b/d in May, reaching the highest monthly figure on record as oil demand rebounds from the worst of the coronavirus pandemic, according to China customs data. Imports for the first four months of the year averaged 10.16M b/d, as monthly imports increased for the first time in April since reaching previous record highs in November 2019. State-backed refineries operated at 71.3% of their capacity, an increase of 3.2% m-o-m, reports Reuters.