China top crude buyer in May
China
BEIJING, June 8, 2017 – China imported an average of 8.76 million bopd of crude in May, up 15% year-on-year, international media reported on Thursday.
That figure surpassed imports by the US, which averaged at 8.12 million bopd, Reuters reported, making China the largest oil importer in the world last month in addition to being the world’s second-largest consumer of crude and second-largest economy.
Oil shipments to the country peaked at 9.2 million bopd in March, driving year-to-date averages to 8.52 million bopd, 13.1% higher than last year.
“China’s May crude imports were mainly driven by purchases from some Shandong-based independent refineries that had sent China’s crude imports to record high in March,” Li Yan, an expert at Zibo Longzhong Information Group told Reuters.
Many, however, expect the numbers to drop later in the year.
“The current strength of imports is unlikely to be sustained if, as we expect, slower credit growth feeds through into weaker economic activity in the coming quarters,” Julian Evans-Pritchard of Capital Economics said, quoted by the agency.
“Export growth is also likely to edge down but should fare better than imports given the relatively upbeat outlook for China’s main trading partners.”
In other news from China, the country’s largest energy company Sinopec denied on Thursday that it had received a government order to relocate the 200,000-bpd Yanshan refinery, one of the company’s largest in northern China.
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