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CHINA DATA: Nov crude oil imports rise 10% from 6-month low in Oct to 11.08 mil b/d

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CHINA DATA: Nov crude oil imports rise 10% from 6-month low in Oct to 11.08 mil b/d

Singapore — China's crude oil imports in November recovered 10.1% to 11.08 million b/d from a 6-month low in October, but remained 0.8% lower than the 11.18 million b/d of inflows a year ago, data released Dec. 7 by the General Administration of Customs showed.

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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, the November imports rose 6.6% from October to 45.36 million mt. This brought China's crude imports in the first 11 months to 11.03 million b/d, rising 9.2% year on year.

Meanwhile, the country's oil product exports fell 14.5% to 4.95 million mt in November from the six-month high of 5.79 million mt in October. The volume also slumped 32.2% year on year, GAC data showed.

Over January-November, China's total oil product export volume fell 6.9% on the year to 55.93 million mt, resulting in the country's net oil product exports declining 9.3% year on year to 29.76 million mt

CHINA'S PRELIMINARY IMPORT, EXPORT DATA (UNIT: MIL MT)

Nov-20
Nov-19
Change
Oct-20
Change
Crude imports
45.36
45.74
-0.8%
42.56
6.6%
Oil product imports
2.04
2.40
-14.7%
1.50
35.9%
Oil product exports
4.95
7.31
-32.2%
5.79
-14.5%
Net oil product exports
2.91
4.91
-40.8%
4.28
-32.2%

Jan-Nov 2020
Jan-Nov 2019
Change
Crude imports
503.92
460.20
9.5%
Oil product imports
26.18
27.25
-3.9%
Oil product exports
55.93
60.06
-6.9%
Net oil product exports
29.76
32.81
-9.3%

Source: China's General Administration of Customs