Chinese crude imports registered y-on-y growth, August 2014
September 30, 2014
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Having returned fully from maintenance, China's crude imports rebounded in August, registering 17.5% y-on-y growth to 5.9 mmb/d, a 3 month high.
The higher crude imports are partly due to the increase in refinery capacity this year. The start-up of Petrochina's Pengzhou refinery in April, Sinochem's Quanzhou refinery in July, and the recent expansions of Sinopec's Shijiazhuang refinery in August contributed an additional 500 kb/d in capacity such, we expect to see higher refinery runs for the rest of the year, while the increased capacity will put further pressure on Asia's refining sector. Furthermore, crude imports will remain high as well, and we expect the 2014 average to exceed 6.0 mmb/d.
Further information on FGE's China Oil Service can be found online by clicking on the link below.