China record increased oil imports

For January—March 2016, China imported about to 91.1 million tonnes of oil, bringing daily volumes of import to 7.34 million barrels, which is a record figure, according to Bloomberg, citing data from Chinese customs.

According to the Agency in the first quarter of 2016, the oil imports to China exceeded the previous quarter by 6%, but in annual terms grew by 13%.

Analysts attribute the growth in oil demand with the increase in the activity of independent oil companies seeking to extract maximum benefits from falling cost of raw materials in constant prices for gasoline.

Earlier, Standard Chartered Bank reported that in 2015 the demand for oil products in China grew by 6.2% (to 9.4 million barrels. per day), and in 2016 will increase by 420 thousand barrels. a day. At the same time, China is increasing the export of its products. As published today, show customs data, in March 2016, the volume of net exports of petroleum products rose to 1.3 million tonnes, the highest level since the beginning of the year.

According to ICIS China, in the first quarter, the refining of a barrel purchased in Oman oil refinery was brought to the Chinese income of $16, which was 68% more than the average in 2015.

“Small refineries are extremely sensitive to changes in the refining margin and the increase in the gains from the first quarter sharply increased their appetites,” notes the analyst of Beijing China International Capital Corp Guo Chaohua.

According to the Vice-President of the United Petroleum & Chemicals Co. Jun Fulana, by the end of 2016 the average volume of Chinese oil imports against the background of increasing demand from independent refineries could rise to 7.5 million barrels per day, which will turn China into the largest oil importer in the world. In 2015, the leader remained the USA, imported at a value of 7, 37 million barrels of oil per day.

Earlier, analysts at Standard Chartered Bank predicted that China will continue to increase its purchases of oil abroad to replenish their strategic reserves, so that by the end of 2018 — beginning of 2019 oil imports in China will exceed 10 million barrels per day.