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China's Nov crude imports rise 7% on year, hitting record high 11.2 mil b/d

Singapore — China's crude oil imports rose 6.7% year on year to hit a historical high at 11.18 million b/d in November, crossing the 11 million b/d mark for the first ever time, preliminary data released Sunday by the General Administration of Customs showed.

The volume grew 3.9% from the last record high of 10.76 million b/d in October.

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 November totaled 45.74 million mt, the preliminary GAC data showed. On a metric ton basis, it was 0.5% higher than the 45.51 million mt in October.

This latest data brings China's total crude imports over January-November to 461.88 million mt or 10.14 million b/d, up 10.5% from a year ago.

Fuel oil imports, however, dropped 29.3% year on year to 1.06 million mt despite recovering by 12.1% on the month to cross over the 1-million-mt mark for the first time since May. As a result, China oil product imports fell 22.7% year on year to 2.40 million mt.

OIL PRODUCT EXPORTS HIT RECORD HIGH

Oil product exports surged 63.6%% year on year to a new record high of 7.31 million mt in November, representing a 46.1% jump from October, GAC data showed. The last record high was 7.21 million mt in March.

The strong growth was partly due to high throughput at the refineries amid historically high crude imports, while domestic product demand started to weaken after the peak season in September-October. The country's total oil product exports rose 14.2% year on year to 60.22 million mt in January-November.

Healthy oil product exports and shrinking inflows pushed the country's net oil product exports 48.1% higher year on year to 32.98 million mt in the first 11 months, GAC data showed.

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

-- Edited by Geetha Narayanasamy, geetha.narayanasamy@spglobal.com