China’s crude imports edge higher in June

Oil

China’s crude oil imports rose by 120K b/d m-o-m to 9.81M b/d in June, increasing after previously falling for three consecutive months to reach a five-month low in May, according to China customs data. Despite the monthly increase imports plummeted by 3.19M b/d y-o-y as refiners received a record amount of crude in June 2020 that was ordered in late March/ early April during the oil price crash. Across 1H21 China imported an average of 10.57M b/d, which is a decline of 250K b/d compared to the same period in 2020.