China’s crude oil imports jump 21.6 pct to surpass 10 mln bpd

TOKYO, China’s crude oil imports jumped 21.6 percent in February from a year earlier to 39.23 million tons, or 10.28 million barrels a day (bpd), government data showed.

Volume of crude oil shipments to China surpassed the 10-millon bpd threshold for the fourth month in a row, following 10.08 million bpd posted last month, according to the General Administration of Customs. Shipments in the first two months of this year grew 12.4 percent from the same period of 2018 to 10.17 million bpd.

China is the world’s biggest crude oil importer followed by the US and Japan, with the Middle East the largest source of its crude oil imports.

In 2015, the country began to allow local independent refineries, known as “teapot” refiners, to import crude oil as part of its energy reforms.

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