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Oil

China's July crude oil imports rise 14% on year to 9.7 mil b/d

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China's July crude oil imports rise 14% on year to 9.7 mil b/d

Singapore — China's crude oil imports rose 13.9% on the year to 9.7 million b/d in July, preliminary data from the General Administration of Customs showed Thursday.

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The volume in July was 0.3% higher from 9.67 million b/d in June.

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 July totaled 41.04 million mt, the preliminary GAC data showed.

On a metric-ton basis, it was 3.7% lower than the 39.58 million mt in June.

This latest data brings China's total crude oil imports for the first seven months of this year to 285.64 million mt or 9.88 million b/d, up 9.5% from a year ago.

Fuel oil imports, however, fell to a multi-year low of 664,000 mt, reflecting a year-on-year drop of 51.4%.

China's oil products exports rose 20.2% year on year to 5.49 million mt in July, representing a 1.1% increase from June, GAC data showed.

In the first seven months of this year, the country's oil product exports registered a 9% year on year increase to 38.01 million mt, leading net product exports to grow 24.9% year on year to 19.6 million mt, the data showed.

-- Oceana Zhou, oceana.zhou@spglobal.com

-- Edited by Norazlina Jumaat, norazlina.jumaat@spglobal.com