Asia crude imports rebound despite record-low China inflows

AI Summary

Asia and Oceania’s crude and condensate imports increased by 1 million barrels per day in May despite record-low crude inflows into China. Chinese refiners reduced spot purchases and drew down onshore inventories, while imports into the rest of Asia grew.

Crude and condensate arrivals into Asia and Oceania recovered by 1mbd m-o-m to 18.6mbd in May. The increase came despite China’s seaborne crude imports falling to a record low of 6.7 mbd, as Chinese refiners drew down onshore inventories and reduced spot purchases amid elevated crude premiums. Higher imports into the rest of Asia and ...