Singapore — China's crude oil imports rose 15.7% year on year to record high of 10.48 million b/d in November, preliminary data from the General Administration of Customs showed Saturday.
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It was the first time China's monthly crude imports have totaled more than 10 million b/d. The previous record high was 9.64 million b/d in April 2018, GAC data showed.
On a barrels/day basis, the inflow represented a 13.9% increase from 9.19 million b/d in October.
GAC releases data in metric ton, which S&P Global Platts converts to barrels using a 7.33 conversion factor.
The country's crude imports in November totaled 42.87 million mt, up 10.3% from 38.88 million mt in October, the preliminary GAC data showed.
Robust imports in November lifted the country's crude oil imports over January-November to 418.11 million mt (9.18 million b/d), up 8.4% from the same period a year earlier.
Fuel oil imports stood at 1.5 million mt in November, rebounding 25.4% from a four-month low of 1.19 million mt in October.
China's oil product exports recovered to 4.5 million mt in November from an eight-month low in October after a new export quota allocation was released at end October. However, the volume was down 22.9% year on year.
Over January-November, China's product exports totaled 52.56 million mt, up 14.3% year on year, the data showed.
PRELIMINARY IMPORT, EXPORT DATA
|Net crude import||42.61||36.19||17.7%||38.74||10.0%|
|Oil product import||3.10||2.54||22.0%||2.55||21.6%|
|Oil product export||4.47||5.79||-22.9%||4.00||11.7%|
|Net oil prod export||1.37||3.25||-58.0%||1.45||-5.7%|
|Fuel oil imports||1.50||1.07||39.9%||1.19||25.4%|
|Jan-Nov 18||Jan-Nov 17||Change|
|Net crude import||415.51||381.09||9.0%|
|Oil product import||30.24||26.89||12.4%|
|Oil product export||52.56||45.99||14.3%|
|Net oil prod export||22.32||19.10||16.9%|
|Fuel oil imports||14.88||12.14||22.5%|
Source: China's General Administration of Customs
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