CHINA DATA: Crude imports creep higher in June

Quantum Commodity Intelligence – Imports of crude oil in China rose marginally in June compared to a month earlier, but remain sharply down on June 2020 levels when the world's biggest importer sucked in millions of extra barrels due to low prices.

June imports totalled just over 40 million mt over the month, equivalent to 9.764 million bpd.

That figure compares with 9.637 million bpd in May and 12.955 million bpd in June 2020.

June's figure means that China has imported 260.67 million mt in the first six months of the year – equivalent to 10.51 million bpd.

The same figure for 2020 was 10.78 million bpd.

Chinese Q2 imports are down 15% compared to the first quarter, when independent refiners sucked in additional crude due to a rise in import quotas.

Since then, figures show that China likely ran down stocks as prices of crude rallied above $70/b.

Exports of refined products rose sharply in June to 6.44 million mt versus 5.4 million mt.