China’s Jan-Feb crude imports increased 3% on the year – JLC

China’s crude oil imports hiked in the first two months of this year, market intelligence provider JLC reported citing data from the General Administration of Customs (GACC).

PHOTO: An oil refinery plant captured at night. Getty Images

China’s total crude oil imports were about 88.31 million mt in the first two months of the current year, JLC reported.

On a daily basis, the country imported around 10.74 million b/d of crude oil in January and February, up 3.3% from 10.40 million b/d during the same time period in 2023, JLC reported.

Chinese refiners imported higher volumes of crude oil in the January–February period to cater to the country's demand during the Lunar New Year holiday, JLC stated.

“China is expected to see an increase in its crude imports in March as port operation returns to normal after the holiday in February,” the report further said, citing GACC data.

The latest oil import data has sparked hopes of improving demand growth in one of the world’s leading crude oil importers and moved Brent’s price up.

“The reality is that Chinese oil demand has been much better than previously reported," said Price Futures Group’s senior market analyst Phil Flynn.

Despite the year-on-year rise, China’s crude imports during the first two months of this year were relatively low, compared with an average of 11.28 million b/d across 2023 and 11.39 million b/d in December 2023.

By Aparupa Mazumder 

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