China’s 2019 crude imports grow 9.5% to 10.2 mil b/d despite Dec dip

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Singapore —
’s oil grew by 9.5% in 2019 to 10.16 million b/d, despite a month-on-month of 3.8% in December, preliminary data released on Tuesday by the General Administration of Customs, or GAC showed.

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Total import for 2019 was however, slightly lower than 10.1% seen in 2018.

Crude imports in November had hit a historical high of 11.18 milion b/d.

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 December totaled 45.48 million mt, 0.6% lower than the 45.74 million mt in November, preliminary GAC data showed.

DEC OIL IMPORTS HIT 6-YEAR HIGH

imports soared 92.2% in on the month to hit 6-year high at 2.03 million mt, also representing 34.5% year-on-year increase.

The last record high was at 2.42 million mt in January 2014, GAC data showed.

Despite the jump, China’s total fuel oil imports over January-December fell 10.9% year on year to 14.79 million.

2019 OIL PRODUCT RISES 14%

Oil product exports marched 14.1% to 66.85 million mt in 2019 as outflow in December retreated 7.1% to 6.79 million mt from historical high of 7.31 million mt in November, according to GAC data.

In 2018, China’s oil product exports rose 12.3% year on year to 58.6 million mt.

Healthy oil product exports and shrinking inflows pushed the country’s net oil product exports 44.5% higher year on year to 36.29 million mt in 2019, GAC data showed.

China’s preliminary import, export data:

Unit: million mt


Dec-19


Dec-18


Change


Nov-19


Change


Crude imports


45.48


43.78


3.9%


45.74


-0.6%


Crude exports


0.00


0.03


-100.0%


0.05


-100.0%


Net crude imports


45.48


43.76


3.9%


45.69


-0.4%


Oil product imports


3.31


3.01


9.9%


2.40


38.3%


Oil product exports


6.79


5.86


15.8%


7.31


-7.1%


Net oil prod exports


3.47


2.85


22.1%


4.91


-29.2%


Fuel oil imports


2.03


1.51


34.5%


1.06


92.2%


Jan-Dec 19


Jan-Dec 18


Change


Crude imports


505.72


461.89


9.5%


Crude exports


0.81


2.63


-69.2%


Net crude imports


504.91


459.26


9.9%


Oil product imports


30.56


33.48


-8.7%


Oil product exports


66.85


58.60


14.1%


Net oil prod exports


36.29


25.12


44.5%


Fuel oil imports


14.79


16.60


-10.9%

Source: China’s General Administration of Customs

Source: Platts

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