China set new oil import record in May

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US, WASHINGTON (ORDO NEWS) — In May, China increased oil imports by 19.2% compared with the same period last year to a record 11.34 million barrels per day, or 47.97 million tons, the data from the General Customs Administration of the country showed.

Imports in May exceeded the previous record by 1.5% – 11.18 million barrels per day – established in November 2019.

China bought large quantities of oil at low prices amid a recovery in demand in the country.

May deliveries were also 14.8% more than April imports in the amount of 9.88 million barrels per day. In March, imports reached an 8-month low of 9.72 million barrels per day amid a coronavirus pandemic.

In January-March, oil imports amounted to 10.4 million barrels per day, an increase of 4.5% compared to the same period last year.

As for petroleum products, China’s exports in May fell to a 15-month low of 3.89 million tons, compared with a record high of 8 million tons in April. In January-May, export of petroleum products increased by 10.4% compared to the same period in 2019 and amounted to 29.9 million tons.

Imports of petroleum products to China in the first five months of 2020 fell by 9.3% in annual terms to 13.4 million tons. As a result, net export of oil products from China increased by 34% compared to the same period last year and amounted to 16.49 million tons.


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