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    China's crude oil imports continued to expand in the first quarter, and its external dependency was nearly 70%.

    Source: the time of issue:2017/5/8 Number of clicks: 1552 second


    In March 2017, China's crude oil import volume was 38 million 950 thousand tons, up 22.56%, up 19.44% from the same period last year. In 1-3, China's crude oil imports totaled 104 million 730 thousand tons, up 14.96% from the same period last year.



    The unit price of China's crude oil imports in March was 2,706 yuan per ton, down 31.2% from the previous month and up 75.3% from the same period a year earlier, according to Golden Alliance. International oil prices entered a brief period of decline since the end of February and continued for a month, with WTI falling as low as $47.34 a barrel in March, down 12.35% from the end of February. With the decline of international oil prices, the cost of importing crude oil has also declined, which is conducive to China's crude oil import. In March, China's crude oil import dependence reached 70% for the first time. Meanwhile, China's oil exports continued to climb, reaching 4.67 million tons in March, second only to November 2016. This also means that China uses low oil prices to increase the import of crude oil in order to increase the export of high value-added products to enhance the overall economic benefits. But compared with 2016, with the moderate rebound in international oil prices, the cost of importing crude oil in 2017 has nearly doubled since last year.



    In the first quarter of 2017, China's crude oil imports exceeded 100 million tons, surpassing the United States as the world's largest net importer of crude oil. In January-March, the United States imported about 99.8 million tons of crude oil. In the first quarter, the dependence of China's crude oil imports reached 69%, up three percentage points from 2016. It is understood that the rapid and substantial increase in China's crude oil imports is due to the active import of crude oil by local refineries after obtaining a new year's import quota. In addition, crude oil shipments from areas farther away from major suppliers in the Middle East, such as the North Sea in Europe and the United States, have also arrived ashore, with some January purchases concentrated in March because of the longer routes in these areas. Oil imports are likely to fall in April as a result of extensive refinery overhauls in the second quarter.



    In March, Russia replaced Saudi Arabia as China's largest source of crude oil imports, with Saudi Arabia third and Angola second. In addition, crude oil from Brazil has increased dramatically this year, with China importing 2.61 million tons of Brazilian crude oil in March, up 77.55% from a year earlier, and China accumulating 5.78 million tons of Brazilian crude oil in January-March, up 70.5% from a year earlier. But at the same time, some OPEC producers involved in production cuts began to reduce crude oil exports to China, such as the United Arab Emirates.



    In March 2017, China's crude oil import customs ranked the top three, Qingdao, Ningbo and Dalian, accounting for 28.59%, 11.13% and 9.73% of the total import volume, respectively. Compared with last month, the top five customs, Ningbo and Dalian customs ectopic occurred, Hangzhou customs moved one after, Jinan customs ranked fourth. With the increasing demand for imported crude oil from local refineries, the imports of crude oil from the two customs offices in Shandong Province ranked in the top five. In March, the two customs offices imported 14.6 million tons of crude oil, up 37.12% from the previous month, which was the biggest month since China liberalized its import qualification.



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