 |
Louisiana Light • 3 days | 78.12 | +2.49 | +3.29% | ||
|
Bonny Light • 304 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 3 days | 74.39 | +1.24 | +1.70% | ||
|
Mars US • 594 days | 72.21 | -1.06 | -1.45% | ||
|
Gasoline • 2 hours | 2.322 | +0.013 | +0.57% |
|
Bonny Light • 304 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 304 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 3 days | 74.39 | +1.24 | +1.70% |
|
Peace Sour • 6 hours | 65.50 | +0.23 | +0.35% | ||
|
Light Sour Blend • 6 hours | 65.75 | +0.23 | +0.35% | ||
|
Syncrude Sweet Premium • 6 hours | 70.00 | +0.23 | +0.33% | ||
|
Central Alberta • 6 hours | 65.35 | +0.23 | +0.35% |
|
Eagle Ford • 8 days | 64.52 | -0.11 | -0.17% | ||
|
Oklahoma Sweet • 3 days | 71.32 | +3.07 | +4.50% | ||
|
Kansas Common • 3 days | 65.00 | +3.00 | +4.84% | ||
|
Buena Vista • 81 days | 70.40 | +1.10 | +1.59% |
Breaking News:
Why U.S. Uranium Production Surged 12-Fold In 2024
Last year, the country produced…
Somaliland’s Rising Strategic Role in U.S. Oil and Military Policy
Somaliland offers a stable base…
China’s Crude Oil Imports Dropped by 6% Year-Over-Year in March
Chinese imports of crude oil fell in March by 6% compared to the same month last year as first-quarter crude imports were stable year-over-year amid high volumes of Russian crude flowing to China.
China imported 49.05 million metric tons of crude oil last month, which is equal to around 11.55 million barrels per day (bpd), per data from the Chinese General Administration of Customs cited by Reuters.
While lower by 6.2% compared to the March 2023 volumes of over 12 million bpd – when China was recovering from the eased Covid-related restrictions – the imports last month were higher than the January-February average and contributed to a 0.7% increase in Chinese crude imports in January to March 2024.
Chinese crude oil imports jumped by 5.1% in January and February compared to the same two months last year, as fuel demand rose during the Lunar New Year holiday.
But the slight increase in Chinese crude imports in the first quarter shouldn’t be viewed as a sign that China’s inconsistent economic performance over the past year is over.
In fact, much of the increase in Chinese crude oil imports in recent weeks has been due to cheap abundant flows of Russian crude, which – hampered en route to India by the U.S. sanctions – has found a home in the world’s top crude oil importer, analysts say.
China was expected to import record-high oil volumes from Russia in March as it is mopping up cargoes shunned by India, tanker-tracking data from Kpler showed last month. China was expected to welcome in March as much as 1.7 million bpd of crude from Russia as refiners were on track to import record-high volumes of the Russian grade Sokol, from which India has been shying away recently.
“China’s Russian crude imports surged to an all-time high in March, masking the underlying sluggishness in overall demand,” Emma Li, senior market analyst at Vortexa, said last week.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com:
- OPEC+ Rules in an Increasingly Tight Oil Market
- Top Coal Province in China to Curb Output for First Time in Years
- Saudi Arabia Hikes Oil Prices in Increasingly Tight Market
ADVERTISEMENT
Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
Therefore claiming that China's imports in March 2024 were 6% less than the same month in 2023 is irrelevant and could be intended to depress oil prices at a time Brent crude has surged minutes ago higher than $91 a barrel.
Supported by China's crude imports breaking records in 2024, Brent crude is headed towards $90-$100. And if geopolitical tension in the Middle East escalates sharply, then Brent could break through the $100.
Dr Mamdouh G Salameh
International Oil Economist
Global Energy Expert