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China's Nov crude oil imports rise 16% on year to record high of 10.5 mil b/d

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

Nov-18 Nov-17 Change Oct-18 Change
Crude imports 42.87 37.04 15.7% 38.88 10.3%
Crude exports 0.26 0.85 -69.2% 0.14 85.8%
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
Crude imports 418.11 385.79 8.4%
Crude exports 2.60 4.70 -44.7%
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

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

-- Edited by Wendy Wells, newsdesk@spglobal.com