CHINA DATA: November crude imports rebound 14% on throughput demand

China's crude imports in November rebounded 14.3% to 10.21 million b/d from the 39-month low in October as refineries had to increase buying to meet throughput demand, data from General Administration of Customs showed on Dec. 7. The inflow was 8.94 million b/d in October.

State-owned refineries lifted their throughput in November as a response to Beijing's call for raising oil product supplies, while independent refineries gained the final batch of crude import quotas which allowed them to bring in more barrels.

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

On a metric tons basis, volume rose 10.6% on the month to 41.79 million mt in November.

This brought the country's crude imports to stand at 10.25 million b/d in January-November, falling 7% year on year.

Meanwhile, China's oil product exports unexpectedly hit a four-month high of 4.19 million mt in November with a 6.3% month-on-month increment, GAC data showed.

Market participants widely expected a month-on-month decline in China's product outflow due to tight export quota availability while oil giants announced to cut exports to ensure domestic supplies.

In the first 11 months, China exported 57.08 million mt of oil products, up 2.1% year on year.

CHINA'S PERLIMINARY OIL IMPORTS, EXPORTS: (million mt)

Source: General Administration of Customs