China crude imports up 6 pct – data

TOKYO, China’s crude oil imports grew 6.0 percent in July from a year earlier to 36.02 million tons, or 8.52 million barrels a day (bpd), government data showed Wednesday.

Imports also increased 1.4 percent from June’s reading of 8.40 million bpd, the General Administration of Customs said. Crude oil shipments in the first seven months of this year rose 5.6 percent from the same period of 2017 to 9.02 million bpd.

China is the world’s second-largest oil consumer after the US, with over 60 percent of its oil consumption coming from imports. The country drastically increased the quota for non-state crude imports in 2015 as it seeks to attract more private capital in the largely monopolized sector. Qualified local refineries are allowed to import crude oil if they cut backward capacity or install natural gas storage facilities. These private refiners are with relatively small capacities, ranging from 20,000 bpd to 100,000 bpd.

Source: Kuwait News Agency