China’s May crude oil imports plunged 9% on the year – JLC

Chinese crude oil imports were about 46.97 million mt in May, a decrease of about 9% on the year, JLC reported.

PHOTO: An oil pump jack with the Chinese yuan in the background. Getty Images

On a daily average, the country imported around 11.06 million b/d of crude oil in May, market intelligence provider JLC reported citing data from the General Administration of Customs (GACC). 

China’s crude oil imports during the same time last year were "exceptionally high" as it marked “one of the few months ever with the daily volume above 12 million barrels,” JLC reported.

Despite the year-on-year fall, the country’s crude oil imports in May increased by around 2%, from 44.72 million mt in April, JLC reported.

“China’s crude imports rebounded month on month in May, which could be ascribed to a large drop in international crude prices and a relatively low base a month before,” JLC noted.

The country’s total crude imports in the first five months of this year were 229.03 million mt, down 0.4% compared to the same period last year, JLC reported. A fall in China's crude imports indicates a slowdown in oil demand in the country. This could build a downward pressure on oil prices.

By Aparupa Mazumder 

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