Chinese refineries continued to import large amounts of crude oil in April, says Carsten Fritsch, a commerzbank raw material analyst.
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“According to the customs authority, imports totaled 11.7 million barrels per day. Although this was slightly less than in the very strong previous month, it was 7.5% more than last year. It is likely that the refineries have taken advantage of the significant fall in prices in April to accumulate inventories.”
“According to Vortexa, the accumulation of inventories in April has probably been more than 1 million barrels per day. Therefore, imports can maintain the high level of the last two months. According to Vortexa estimates, Iran’s oil imports have been high, reaching 1.5 million barrels per day.”
“Here too, a decrease is likely after the US government recently placed some independent refineries from China in the list of sanctions due to its Iranian oil purchases. Yesterday another refinery was added.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
