Chinese May crude imports down from April, remain higher on year

London, (Quantum Commodity Intelligence) - Chinese imports of crude oil totalled 9.65 million bpd in May, down 1.7% on the month as a mixture of refinery maintenance and a seasonal slowdown took its toll.

April imports, according to data published by China Customs, reached 40.1 million mt of crude, taking to the total imported so far this year to 220.5 million mt (10.65 mpd).

That is up 2.9% on the 215.5 million mt (10.35 mpd) the world's biggest crude importer received internationally in the first five months of 2020.

Chinese imports of crude grew sharply in the first two months of this year as independent refiners snapped up increased government quotas.

However, a government-run investigation into how much the five state-owned crude importers resell to independent refiners announced last month could consolidate imports in the hands of state-owned companies in future.

Last month, the National Development and Reform Commission asked Sinopec, China National Offshore Oil Corp (CNOOC), Sinochem, ChemChina, and China North Industries provide information on their run rates since they started import crude.

The move is thought to be a crack down on tax receipts.

China's government has since 2015 allowed more than 40 refiners import crude via a domestic quota system that tightly controls how much non-state owned refiners can buy and, in theory, produce.

Exports of refined products totalled 5.41 million mt, 21% down on the 6.8 million mt exported in April, according to the figures.

China publishes crude origins per month around the 23rd of each month.