Over the first quarter China imported around 91.1 million tons of oil

Almaty. April 13. Silkroadnews – In the first quarter of this year China has imported nearly 91.1 million tons of oil, RBC informs.

“Within January-March 2016 China imported about 91.1 million tons of oil, having raised the daily volumes of import up to the record of 7.34 million barrels,” the publication says.

In the first quarter of 2016, crude oil imports in China have exceeded the results of the previous quarter by 6%, and on a year-on-year basis increased by 13%.

The analysts explain the oil demand growth with increasing activities by the independent refining companies seeking to get maximum benefits from the fall in raw material costs under constant prices for gasoline.

Earlier, Standard Chartered Bank reported that in 2015 China’s oil demand grew by 6.2% to 9.4 million barrels per day and in 2016 will increase by another 420 thousand barrels per day. At the same time, China raises its export of petroleum products. According to the data reported by the customs, in March 2016 the volume of net exports of petroleum products increased to 1.3 million tons, which is the highest volume since the beginning of the year.

Data by ICIS China company shows, during the first quarter the processing a barrel of oil purchased in Oman brought the Chinese refinery $16 revenue, which is 68% higher compared to average revenue in 2015.
“Small refineries are extremely sensitive to changes in the refining margin, and the operation revenues raised in the first quarter have sharply increased their appetites,” the analyst of Beijing China International Capital Corp Guo Chaohuey says.

According to the vice-president of United Petroleum & Chemicals Co., on the basis of 2016 the average volume of Chinese imports of oil against the background of increasing demand by the independent refineries could rise to 7.5 million barrels a day that will turn China into a major importer of oil in the world. The US with import of 7.37 million barrels of oil per day used to be the market leader in 2015.

Earlier, the analysts of Standard Chartered Bank projected China to continue to increase the purchase of oil abroad to replenish its strategic reserves, thus, to achieve more than 10 million barrels a day imported by the country by the end of 2018 or beginning of 2019.