China Imports Record Oil as Higher Margins Boosts Purchases
- Nation imported 91.1m tons crude in 1Q, up 13% year-on-year
- China 1Q refining margin surged 68 percent from 2015: ICIS
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China’s crude imports climbed to a record in the first quarter as higher refining margin encouraged refiners to boost purchases.
The world’s biggest energy user increased inbound shipments to 91.1 million metric tons in the first three months of the year, data from the Beijing-based General Administration of Customs showed on Wednesday. That’s equivalent to about 7.34 million barrels a day, 6 percent higher than the previous quarter and 13 percent up from the same period last year, according to Bloomberg calculations. Imports last month fell about 4 percent from February’s record to 7.71 million barrels a day, the third-highest ever.