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Growth in Chinese crude imports, y-on-y

Oil
 

Chinese crude imports continued to display robust y-on-y growth, standing at 6.16 mmb/d in May.

This is 615 kb/d less than April's record high, but in line with refinery maintenance over Q2 and Q3, and recent outages in China's two largest refineries at Dalian and Zhenhai. This growth trend supports FGE's view that crude imports will accelerate at a faster rate than demand, bolstered by rising additions to China's strategic stocks, and we forecast that Chinese crude imports will average 6.1 mmb/d in 2014.

 

Further information on FGE's China Oil Service can be found online by clicking on the link below.

 

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