China’s crude oil imports in March surged 22.5% from a year earlier to the highest for a month since June 2020, data showed on Thursday, as refiners stepped up runs in anticipation of an economic recovery.

Crude imports in March totalled 52.3 million tonnes, or 12.3 million barrels per day (bpd), according to data from the General Administration of Customs. This compares with 10.1 million bpd of crude imported in March last year.

The imports were in line with expectations of higher refinery runs and product inventory draws on improved demand following the lifting of COVID restrictions late last year.

Crude demand had also been expected to increase at big private refiners such at Zhejiang Petrochemical (ZPC) 002493.SZ and Hengli Petrochemical 600346.SS, which are reportedly operating at or above official processing rates to profit from stronger refining margins.

ZPC and Hengli account for 6.5% of China’s refining capacity.

Total crude imports for the first quarter stood at 136.6 million tonnes, a 6.7% increase over 127.9 million tonnes in the same period last year.
Source: Reuters (Reporting by Andrew Hayley; Editing by Christian Schmollinger and Tom Hogue)