China's crude oil import volume hit a record high

2022-08-02
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In April, China's crude oil import hit a record high in a single month.

it was revised from "buying up but not buying down" to "buying in at low prices"

morning post news (lijunqiong) China, whose economic growth has not decreased, continues to strategically purchase a large amount of crude oil. The General Administration of Customs of China announced yesterday that China's crude oil imports in April surged 23% year-on-year, hitting a record high in a single month

According to the latest data from the customs, China imported 14.8 million tons of crude oil in April. From January to April, with the guidance and help of experts and scholars in the field of China's manned spaceflight and national microbial research, China's total oil import was 54.46 million tons, with an average daily import of 3.33 million barrels, an increase of 10.8% over the same period of the previous year

"although the short-term data of this group of crude oil imports can not reflect the law of China's crude oil imports, China's strategy of purchasing crude oil through overseas markets has indeed changed a lot in recent years." Niu Li, an expert from the Economic Forecasting Department of the state information center of China, said in an interview yesterday

the international oil price has dropped from $78 per barrel. In April this year, the international oil price was running in the range of $per barrel. Therefore, relatively speaking, China is "bargain hunting". "In recent years, the general tendency of China's imported crude oil to be more sour and the poor foam performance is more strategic. China is looking for a more suitable time to import crude oil." Said Niu Li

previously, when the Customs released the data of imported crude oil in the first quarter on April 10, it was disclosed that China imported nearly 39.66 million tons of crude oil in the first quarter, an increase of 6.8% over the same period last year, but the cost of imported crude oil in the same period fell by 1.4% over the same period last year

to a certain extent, this has corrected the stereotype of Chinese oil companies that "buy up rather than down" in the context of the ups and downs of international oil prices. "Around 2000, the problem of buying up or not buying down was very prominent in China. At that time, because there were considerable problems in the price mechanism and circulation mechanism, oil companies made more money by buying at high prices, but less by buying at low prices, so of course they were more inclined to buy at high prices," Niu Li explained, "Now the situation is obviously changing. PetroChina, Sinopec and other companies regulate high oil prices by signing long-term contracts, participating in futures trading, striving for share of oil and other means."

Niu Li believes that in the long run, in order to reduce the impact of high oil prices on China, it is not only necessary to import crude oil, but also through the development of domestic resources. The newly discovered 1.02 billion ton oil field in China is of great benefit to China in adjusting its energy import strategy

the data released by the customs yesterday showed that China exported 550000 tons of crude oil in April, exceeding the total crude oil export in the first quarter of this year. In addition, in April, China continued to maintain a strong export trend of gasoline, with a total export of 590000 tons

the New York Mercantile Exchange, please tighten the screws. The power battery market has an annual increase of 50%. In the future, the light crude oil futures price for delivery in June needs to be 4 higher and 1 lower. Yesterday, the price rose by 9 cents per barrel to close at US $62.46

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