Crude oil imports into China rose 6.2% in August despite higher global prices, as refiners increased purchases from the Persian Gulf and turned more to Russian barrels to bypass the Strait of Hormuz. The rebound let China export more refined fuel, easing pressure on a global market strained by war-related refining outages.
Refiners shipped in 37.9 million tons of crude oil in August, 6.2% more than in July, undeterred by higher prices, according to customs data released Tuesday. Imports strengthened as cargoes from the Persian Gulf crept higher and refiners increased purchases from other sources.
Flows to the world's biggest oil buyer are gradually recovering after initially being crippled by the war in Iran, though they remain 23% below August last year. Russian crude, in particular, has found favor, with refiners looking to bypass the contested Strait of Hormuz.
The rise in crude supply has let China export more oil products, offering relief to a global market struggling with refining bottlenecks and outages caused by the wars in both Ukraine and the Middle East. Overseas sales of items including gasoline and diesel climbed 29% from July.
Natural gas imports dipped in August as rising prices triggered by the war affected shipments of costlier seaborne fuel. Coal imports stayed elevated, as the impact of the Shanxi mine disaster in May continued to constrain local production.
Source: Rigzone
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