China’s Sep crude oil imports hit 10.08 mil b/d, up 11% on year

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’s imports jumped 10.8% year on year to hit 10.08 million b/d in September, crossing over 10 million b/d mark again since April, preliminary data from the General Administration of Customs showed Monday.

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The country’s crude imports was at a record high of 10.68 million b/d in April and declined to 9.5 million b/d in May before gradually recovering to the September level.

The volume in the last month was 1% higher from 9.97 million b/d in August.

GAC releases data in metric tons, which S&P Global Platts converts to barrels using a 7.33 conversion factor.


The country’s crude imports in September totaled 41.24 million mt, the preliminary GAC data showed.

On a metric ton basis, it was 2.2% lower than the 42.17 million mt in August.

This latest data brings China’s total imports in the first nine months of this year to 369.04 million mt or 9.91 million b/d, up 9.7% from a year ago.

imports, however, dropped 49.5% year on year and fell 10.9% from August to 874,000 mt in September.

As a result, China oil products imports fell 26.5% year on year to 2.14 million mt.

But oil products exports surged 39.6% year on year to 5.68 million mt in September, representing a 39.4% jump from August, GAC data showed.

The strong growth was partly due to relative low bases in a year ago and in August.

The outflow in September was slightly higher than the country’s monthly average oil product exports at 5.31 million mt/month in the first three quarters.

Healthy oil products exports and slowing inflows led the country’s net oil product export rocketed 207.2% year on year to 3.54 million mt in September.

— Analyst Oceana Zhou, oceana.zhou@spglobal.com

— Edited by Debiprasad Nayak, debiprasad.nayak@spglobal.com

Source: Platts

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