China's crude imports from June rose after Saudi Arabia and Iran imports increased.

Data showed that China's crude imports increased in June, both month-onmonth and year-onyear. This was due to refineries increasing operations, and an increase in imports from Saudi Arabia and Iran.

Data from the General Administration of Customs revealed that China was the world's biggest crude oil importer, importing 49.89 millions metric tons of crude, or 12.14 million barrels of oil per day.

Volume increased by 7.1% in comparison to 46.6 million tonnes in May, and 7.4% compared to June 2024.

According to local consultancy Oilchem, maintenance affected a combined refinery capacity of 107.7 millions tons per annum in June. This is down 22.2 million tonnes from May.

Kpler analyst MuyuXu stated that "we estimate China's crude demand increased to 15,17 million bpd by June, up 14.8 million in May as more refineries returned to operation following spring turnarounds."

Kpler has also noted an increase in imports of goods from Saudi Arabia and Iran.

Kpler data shows that China's Saudi Arabia imports rose from 1.78 million to 845,000 barrels per day (bpd), as refiners in China nominated more May and June cargoes due to lower OSPs.

The firm also reported that Iranian crude imports increased by a staggering 445,000 barrels per day (bpd) to reach 1.49 million bpd, as refineries restocked their inventories after the spring maintenance was completed.

The data released on Monday also revealed that China's refined oil exports dropped 0.7% to 53.35 millions tons in June from the same period a year ago.

The data revealed that natural gas imports, including piped and liquefied gas, fell by 7.8% over the past year to 10.55 millions tons. (Metric ton equals 7.3 barrels of crude oil for conversion) (Reporting and editing by Stephen Coates; Sam Li)

(source: Reuters)