China Seen Sustaining Strong Crude Imports on Refining, Reserves
- Imports rose to 8 million barrels a day, overtaking U.S.
- Oil refining may stay robust on strong gasoline, jet demand
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China’s crude imports will rise further from a record this year to feed its expanding refining sector and strategic reserves, according to Standard Chartered Bank.
The nation’s average crude imports will rise by as much as 600,000 barrels a day this year, analysts including Priya N. Balchandani said in a March 24 report. Imports last month surged above 8 million barrels a day for the first time and exceeded volumes shipped to the U.S., the world’s top oil user, according to the bank. Standard Chartered expects China’s crude imports will top 10 million barrels a day by late 2018 or early 2019.