China Crude Oil Imports Hit Peak in H1 2023

SEATTLE (Oil Monster): The most recent data published by China’s General Administration of Customs (GAC) indicates that the country’s crude oil import volumes surged to hit fresh record during the first six months of 2023.

The boost in imports was mainly triggered by refinery expansions and the recent government initiatives to reopen the country’s economy. It must be noted that Shenghong Petrochemical refinery in Lianyungang had begun operations in November 2022. Also, PetroChina Jieyang refinery had started trial runs in February this year.

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According to data, the Chinese crude oil imports averaged at 1.4 million bpd in H1 2023, which is significantly higher than the yearly average of 10.2 million bpd in 2022. The imports from eight out of top ten import destinations registered increase year-on-year.

The primary source of crude oil imports by China was Russia. The country’s imports from Russia witnessed a jump by 23%, when compared with the six-month period in 2022. The country imported 2.6 million bpd in June 2023, which is the largest import volume by the country so far. The other major crude oil suppliers were Iran, Brazil and the U.S. The imports from the U.S. recorded twofold jump in H1 2023.

China processed a record 14.7 million bpd of crude oil in the six-month period, 8% higher than the yearly average in 2022.