China’s refinery crude throughputs fell to 12.64mn b/d for April, the lowest figure since the ‘peak covid’ month of March 2020. This comes as the country is gripped by renewed lockdowns, hitting mobility and oil demand. The April figure compares to an annual record 14.10mn b/d for 2021 and 13.96mn b/d for Q1 2022 (MEES, 22 April).
Crude imports for now remain relatively buoyant with 10.51mn b/d for April up slightly on both Q1 and the 2021 average figure of 10.31mn b/d. With domestic demand falling, figures from data intelligence firm Kpler have China building crude stocks to the tune of 750,000 b/d in April to end the month at 894mn barrels. (CONTINUED - 113 WORDS)