China’s oil imports in July fell by 18.8% month-on-month to the lowest daily rate since January 2023, but are still 17% higher year-on-year.
Data from the General Administration of Customs showed that the total crude shipments to China-the world’s largest oil importer – in July amounted to 43.69 million metric tons, or 10.29 million barrels per day.
This means a decrease in imports compared to 12.67 million barrels per day in June, the second highest level on record, and 8.79 million barrels per day in July 2022.
Despite the decline in total imports, state-owned refineries raised their processing rates in July to an average of 78-82%, up 2-3% from June, according to data from the consulting firm “guochuang”.
It is noteworthy that China’s total oil imports for the first 7 months of 2023 amounted to about 325.8 million metric tons, or 11.2 million barrels per day, an increase of 12.4% over the same period in 2022.
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