China’s May crude oil imports were nearly stable, increasing by 24 tb/d or 0.4% from the previous month to average 5.7 mb/d. Crude imports increased while crude refining levels in China declined.
In an annual comparison, Chinese crude imports declined by 362 tb/d, or 6% lower than levels seen last year. Additionally, on a year-to-date analysis, the figures reflects a minor drop of 74 tb/d or 1%.
In terms of supplier share, Saudi Arabia, Angola, Iran and Iraq were the top suppliers to China in May, accounting for 17%, 14%, 10% and 10%, respectively. Volumes exported from Saudi Arabia and Angola were lower than last month by 21% and 9%, while volumes from Iran and Iraq increased by 50% and 67%.
China’s product imports in May were stable from a month ago, though higher by 130 tb/d or 15% over last year.
China’s crude exports were 5 tb/d higher in May than one month earlier, to average 25 tb/d, while a y-o-y decrease of 17tb/d or 40% was reflected. However, China’s product exports saw an increase of 19 tb/d or 3% m-o-m and 170 tb/d or 32% y-o-y. China’s product exports reached a three year peak in May, while product stocks dropped. As a result, China’s net oil imports decreased slightly by 5 tb/d from the previous month, and 386 tb/d from one year earlier.