China’s crude oil imports up 0.6 percent

TOKYO, China’s crude oil imports in March rose 0.6 percent from a year earlier to 39.17 million tons, or 9.27 million barrels a day (bpd), government data showed.

Imports also grew 9.7 percent on daily basis from February’s shipments of 8.45 million bpd, the General Administration of Customs said.

Crude oil imports by the world’s second-largest oil consumer in the first quarter increased 7.0 percent from the same period of 2017 to 9.13 million bpd.

In 2015, the government 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 refineries are with relatively small capacities, ranging from 20,000 bpd to 100,000 bpd.

The Ministry of Commerce said November that it will raise the quota for non-state crude oil imports to 142 million tons for this year, up 55 percent from that for 2017.

Source: Kuwait News Agency