LAUNCESTON, Australia, May 20 (Reuters) – The pace at which crude oil flowed into China’s stockpiles increased in April as slower refinery processing outweighed a decline in imports.
China added 830,000 barrels per day (bpd) to its stockpiles in April, compared to 790,000 bpd in March. These figures are based on official data calculations.
China, the world’s largest crude importer, added 700,000 bpd to storages over the first four months. This significant volume challenges the perception of robust oil consumption amid economic recovery.
China doesn’t disclose crude volumes in stockpiles, but estimates can be made. This involves deducting processed crude from total available imports and output.
The total crude available to refiners in April was 15.13 million bpd, consisting of imports of 10.88 million bpd and domestic output of 4.25 million bpd.
The volume of crude processed by refiners was 14.3 million bpd, leaving a surplus of 830,000 bpd to be added to storage tanks.
For the first four months of 2024, the total crude available was 15.26 million bpd, while refinery throughput was 14.56 million bpd, leaving a surplus of 700,000 bpd.
As China’s fuel imports reach unprecedented heights, the implications reverberate across global energy landscapes. Transitioning towards cleaner energy sources, China’s growing import dependency underscores the need for sustainable energy strategies.
As China navigates its energy transition, global stakeholders must collaborate to address challenges and seize opportunities. Consequently, they can adapt to an ever-evolving energy landscape.
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