China crude imports down y-o-y across January-February

Oil

Chinese crude imports averaged 10.58M b/d across January-February, down 0.58M b/d y-o-y, according to data released by the General Administration of Customs. The decline came as independent refiners reduced production due to weaker margins and government legalisation, Reuters reported. Independent refinery utilisation rates fell to 60% in February, down ten percentage points y-o-y as the government tried to reduce air pollution during the Beijing Winter Olympics.