China’s crude oil imports at record for the second straight month

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According to data from the General Administration of Customs on Tuesday, China’s crude oil imports jumped by 33% in June on the year, accounting for the second straight monthly record.

Additional details (via Reuters)

“The world’s top crude oil importer, took in 53.18 million tonnes of oil, equivalent to 12.9 million barrels per day (bpd).

That easily beat the previous record of 11.3 million bpd in May, and was up 34% from 9.63 million bpd in June 2019.

For the first half of 2020, China imported a total of 268.75 million tonnes of crude oil, data showed, equivalent to 10.78 million bpd, up 9.9% from the same period last year.

China’s refined oil product exports for June at 3.87 million tonnes, a fraction lower than 3.89 million tonnes in May, but down nearly 29% from the same month last year.”

Market reaction

The strengthening Chinese oil demand fails to rescue the oil bulls, as WTI drops over 2% and attacks the 39 mark amid downbeat market mood and virus concerns.

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