China bought record volumes of crude last month as some refiners made purchases anticipating disruptions to being able to transport oil during an international summit next month.
The world’s biggest oil buyer imported 9.64 million barrels a day in April, according to data released by Beijing-based General Administration of Customs on Tuesday. That’s about 4 percent higher than March and beat a previous record of 9.61 million barrels per day reached in January. For the month of April, total purchases were 39.46 million metric tons.
“Refiners, especially teapots, are restocking ahead of the Shanghai Cooperation Organization meeting when road transport of hazardous petrochemical products will be presumably curbed,” affecting both crude and oil products, Jean Zou, an analyst with commodities researcher ICIS-China, said by phone. The summit is due to be held in June in Qingdao, according to the Ministry of Foreign Affairs. Many independent refiners, known as teapots, use trucks to take crude oil to their refineries from ports, she said. Read More
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