China’s crude oil imports rose nearly 12% in May from a low base in the same month a year earlier, although refiners still battled high inventories with COVID-19 lockdowns and a slowing economy weighing on fuel demand.
The world’s top crude oil buyer imported 45.83 MMt last month, data from the General Administration of Customs showed on Thursday, equivalent to 10.79 MMbpd. That compares to 10.5 MMbpd the previous month and to the 2021 average of 10.3 MMbpd.
Imports for January-May were down 1.7% versus the same period last year at 217 million tonnes, or about 10.49 MMbpd.
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