China Crude Imports Edge Upwards

Oil

China’s crude oil imports rose to 41.24Mt in July, an increase of 1.10Mt m-o-m according to preliminary customs data. However, on a barrel per day basis, imports fell by 55K b/d m-o-m to 9.75M b/d. Across the first seven months of the year, crude imports averaged 10.45M b/d, down 557K b/d y-o-y. Meanwhile, China’s oil product exports fell to 4.64Mt, down 28% m-o-m, as private refiners have been hit with lower export quotas. Independent refinery throughput in Shandong fell to 63% in late July, its lowest level this year, according to Reuters.