China Oil Imports Rise 7.6% in April on Strong Teapot Demand

2016-05-24

China’sGeneral Administration of Customs confirmed Monday that April crude-oil imports totaled 32.58 million metric tons, equivalent to 8 million barrels a day, up 7.6% from a year earlier.

China’s strong appetite for crude was a result of robust demand from independent refineries, known as teapots. To date, over a dozen of the teapot refineries have received importing licenses since the government opened the market for them for the first time in July last year.

China imported 123.7 million tons of crude in the first four months of the year, equivalent to a 11.8% on-year rise.

Diesel imports fell sharply to 41 tons, while diesel exports surged 173% to 1.2 million tons, the data showed.

Kerosene imports soared 84% to 414,516 tons, while fuel oil imports were down 43% to 826,643 million tons.

Source from : Dow Jones

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