China's crude oil imports rose by 5.5% in April compared to the same month in 2023 as refiners stocked up on crude ahead of the Labor Day weekend.
Chinese imports of crude oil rose by 5.45% in April compared to the same month last year as refiners stocked up on crude to prepare for the five-day local Labor Day weekend that began on May 1, China ’s official statistics showed on Thursday. Last month, Chinese refiners imported 10.88 million barrels per day bpd of crude oil , up compared to 10.4 million bpd imported for the same month of 2023, per data from the General Administration of Customs cited by Reuters.
In fact, much of the increase in Chinese crude oil imports in the first quarter of 2024 was due to cheap abundant flows of Russian crude, which – hampered en route to India by the U.S. sanctions – has found a home in the world’s top crude oil importer, analysts say. But in April, imports fell compared to March amid rising oil prices at the time cargoes were contracted.
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