China’s June crude oil imports plummeted 10.8% on the year – JLC

Chinese crude oil imports were about 46.45 million mt in June, a decline of about 10.8% on the year, JLC reported.

PHOTO: The Chinese flag and an oil pump jack. Getty Images

On a daily average, the country imported around 11.30 million b/d of crude oil in June, market intelligence provider JLC reported citing data from the General Administration of Customs (GACC). 

Despite the yearly decline, the country’s crude oil imports in June were up by around 2.2% from previous month, JLC reported.

“The country’s crude imports are expected to rally in the second half of 2024 because of the startup of a new refinery and more fuel demand,” JLC noted.

The country’s total crude imports in the first six months of this year were 275.48 million mt, down 2.3% compared to the same period last year, JLC reported. 

A fall in China's crude imports indicates a slowdown in oil demand. This could build a downward pressure on oil prices.

By Aparupa Mazumder 

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