China’s crude oil imports were strongly strong in June: according to customs authorities, 49.9 million tons were imported, 7% more than in the previous month, says Commerzbank raw material analyst, Barbara Lambrecht.
The increase in stock in China can slow down at any time
“This corresponds to daily imports of crude oil of just under 12.2 million barrels. Import (daily) were slightly higher than March and the highest since the summer of 2023. High imports are in line with the strong crude oil processing reported this morning in China, which amounted to 15.2 million barrels per day, the highest level since September. diesel, which makes the high processing (and exports) attractive at this time. “
“However, given the quite weak domestic demand (partly structural, in part cyclic), which was confirmed by the GDP data of the second quarter this morning (see here), a certain excess can be observed in the imports of crude oil. In its latest monthly report, the IEA refers to estimates that indicate that the existence of crude oil in China increased by 82 million barrels in the second quarter, or less than a little less 900,000 barrels per day.
“China wants to improve its energy safety and, since January 1, 2025, it has also required companies moment.”
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.
