China’s crude oil imports declined in April by 129 tb/d or 2.3% m-o-m to 5.44 mb/d. On a y-o-y basis, China’s crude oil imports increased by 176 tb/d or 3.3%. Product imports have registered a decrease of 198 tb/d or 20.5% in April, m-o-m. On a y-o-y basis, there was a decrease of 314 tb/d or 29.1%. China’s crude oil exports in April decreased by around 36 tb/d or 74.8% to a current level of 12 tb/d from a level of 49 tb/d m-o-m.
Comparing the crude exports on a y-o-y basis, there has been a decrease of 59 tb/d or 82.8%. Oil product exports in April decreased by around 16.5% or 84 tb/d m-o-m. Y-o-y, they dropped by 205 tb/d or 32.7%. As a result, China’s total net oil imports decreased in April by 207 tb/d or 3.5% m-o-m to stand at 5.77 mb/d. The decrease can be attributed mainly to product net imports which decreased by 114 tb/d or 24.9% to a level of 0.34 mb/d. The top five suppliers to the Chinese market were Saudi Arabia with 1.07 mb/d (19.7%), followed by Angola with 0.92 mb/d (16.9%), Russia with 0.45 mb/d (8.3%) and Oman with 0.36 mb/d (6.6%).