Energy News Beat Publishers Note (ENB): The key takeaway from the article is the 500,000 b/d outside the official data. This is also outside the OPEC + production numbers and quotas.
Imports were 11.69mn b/d last month, up by 20.8pc from March 2020, preliminary customs data show.
Deliveries were only slightly lower than February’s 11.73mn b/d. China imported 11.29mn b/d of crude in the first quarter, up by 10pc on the same period last year.
Chinese refiners stepped up their crude purchases ahead of the lunar new year in mid-February on signs of strengthening demand and rising refining margins. Most refineries were also raising operating rates ahead of the typical maintenance season in the second quarter, which is heavier than usual this year.
China has also ramped up its imports of Iranian crude this year, to almost 500,000 b/d in the first quarter, although this is not reflected in the official data.
Source: Argus
