* Aug crude imports at 10.49 mln bpd vs 9.71 mln bpd in July
* Refined oil exports hit 13-month low
* Natural gas imports up 12% y/y (add comments)
BEIJING, Sept 7 (Reuters) - China’s daily crude oil imports were up 8% in August from July, customs data showed on Tuesday, as refiners increased purchases, betting on robust demand for fuel oil products.
China, the world’s top crude oil buyer, brought in 44.53 million tonnes of oil last month, equivalent to 10.49 million barrels per day (bpd), according to data from the General Administration of Customs.
That compares with 9.71 million bpd in July, but was still lower than the 11.18 million bpd imported in August 2020.
Crude imports for the first eight months of 2021 reached 346.36 million tonnes, about 10.4 million bpd, down 5.7% from the same period last year.
The rise in crude oil purchases was driven by state-backed refiners who have been increasing operation rates to meet solid fuel oil demand in China.
“China’s demand is still growing, just not as strongly as expected earlier due to the absence of infrastructure spending,” said Seng Yick Tee, senior director at SIA Energy.
Seng also said that state-run refineries were taking up demand that used to be taken by independent refiners who acquired raw materials through illicit trading or through importing of light cycle oil, aromatics and diluted bitumen, because those products are now subject to hefty tax.
Meanwhile, the Chinese government was reported in local industry media to have granted 4.42 million tonnes of crude oil import quotas in August to four companies, although no official statement has been published.
Independent refiners in Shandong raised their operation rates to 66.25% in late-August from 62.3% in mid-August, according to data tracked by China-based consultancy JLC.
A fourth batch of quotas is expected to be issued in September or October that could revive demand from independent refiners, also known as teapots, which account for a fifth of China’s imports.
Chinese buyers are also increasing the pace of purchases and paying higher premiums to secure supplies from November onwards as lockdown restrictions ease.
Customs data on Tuesday also showed China’s refined oil product exports in August at 3.73 million tonnes, down from 4.64 million tonnes in July, hitting the lowest level since July 2020.
August’s natural gas imports, both piped and liquefied natural gas (LNG), were 10.44 million tonnes, up 11.5% year-on-year. (Reporting by Muyu Xu and Shivani Singh; Editing by Richard Pullin and Kevin Liffey)
"Oil" - Google News
September 07, 2021 at 10:43AM
https://ift.tt/3BPnMoC
UPDATE 1-China August crude oil imports rise as refiners resume buying - Reuters
"Oil" - Google News
https://ift.tt/2SukWkJ
https://ift.tt/3fcD5NP
Bagikan Berita Ini
0 Response to "UPDATE 1-China August crude oil imports rise as refiners resume buying - Reuters"
Post a Comment