Chinese crude imports ease in March, fuel exports jump

LONDON, (Quantum Commodity Intelligence) - Chinese crude imports totalled 49.66 million mt in March – equivalent to 11.69 million bpd using a 7.3 conversion, down slightly from 11.73 million bpd a month earlier.

The figures, published by Chinese Customs, show a slight slowdown in imports in the world's biggest crude oil buying nation after a surge in January and February.

The rise for the first quarter was widely expected and analysts predicted China would import over 11 million bpd in March as its economy remained resilient and as independent refiners continued to snap up fresh crude oil quotas for 2021.

China imported 139 million mt of crude in the first quarter, up on the 127 million mt in the same three months of last year.

Analysts, however, expect imports to ease in the second quarter of the year as quotas fill up.

Exports of petroleum products rose from 5.3 million mt in February to 6.83 million mt in March, the data showed.

That took the total Q1 export figure to 17.8 million mt, slightly down from the 18 million mt in the first three months of last year.