China crude imports to rise 3.6%, product exports to surge: CNPC

London, (Quantum Commodity Intelligence) - Chinese net crude imports are set to rise 3.6% this year to near 560 million mt, a figure equivalent to 11.23 mbpd, according to the research unit of China National Petroleum Corporation.

Imports so far this year have totalled 11.27 million bpd, according to China Customs Data, meaning there will likely be a small slowdown for the rest of the year compared with Q1's surge.

The figure, estimated by the Economics and Technology Research Institute, is nevertheless impressive as crude imports into China hit a record last year, as independent refiners booked shipments in the second quarter when oil prices collapsed in the wake of the pandemic in Europe.

With crude imports to rise, exports of refined products are expected to surge by almost a third year-on-year to 54.7 million mt from 41.5 million mt in 2020.

Total refining capacity is expected to rise almost 5% in China this year to 900 million mtpa (18 million bpd), largely to satisfy China's increasing need for petrochemicals, including plastics.