1Finance

China Oil Imports Rise as Teapot Refinery Demand Overwhelms Port

Oil imports by China, the world’s biggest consumer after the U.S., rebounded amid strong buying by independent refiners that have helped push the country’s crude demand to a record and overwhelmed one of the country’s biggest ports with tanker traffic.

Inbound shipments during April totaled 32.58 million metric tons, data from the Beijing-based General Administration of Customs showed on Sunday. That’s equivalent to 7.96 million barrels a day, up 3.2 percent from the previous month and near a record 8.04 million in February. Net oil-product exports fell 10 percent from March to 1.17 million tons.

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