Commodities
China Crude Oil Exports Reportedly Records 2.8% Y-o-Y Dip in March
China reported a 2.8% year-over-year decline in its crude oil exports in March at 49.98 million metric tons or about 11.77 million barrels per day, according to multiple media reports, citing the country's customs data published Tuesday.According to a Bloomberg report, China's crude imports in March were higher than those reported in February. The imports have risen 8.9% so far this year, compared to the corresponding period last year, as the country continued to boost its stockpiles.The country's gas imports last month, including that of piped gas and liquefied natural gas, declined by almost 10.7% compared with last year to 8.18 million tons, the lowest since October 2022, Reuters reported.Meanwhile, China's exports of refined oil products, comprising diesel, gasoline, aviation fuel and marine fuel, slipped 12.2% to 4.6 million tons in March, weighed on by a government ban last month on refined fuel exports to preserve domestic supplies.Citing analysts, the Reuters report said that China's crude imports may fall by around 2 million b/d in April compared to its average requirements as it deals with tighter crude supply.The March imports were not affected much by the ongoing energy supply crisis as cargoes from the Middle East were loaded in January and February, when flows were normal from the Strait of Hormuz, the report added.Chinese refineries recorded a capacity utilisation rate of 68.79% in March, 0.9 percentage points lower than year-ago levels and 4.47 percentage points down from February levels, the report said, citing Chinese consultancy Oilchem.China's National Energy Administration did not immediately respond to' request for comment. China's General Administration of Customs could not be reached.