OpeOluwani Akintayo
Lagos — World’s largest crude oil buyer, China is on a race to becoming sufficient as its crude oil importation for June was down approximately 25 percent year on year.
Data from the country’s National Bureau of Statistics, NBS said the country cut down on its import by 24.5 per cent year on year and imported 40.14 million tonnes of crude oil.
Its crude oil imports dropped 3 percent year on year in the first half of the year to 260.66 million tonnes.
In preparation for refinery maintenance and rising global prices, independent refineries in the country were said to have purchased excess in the first quarter of the year.
China’s crude oil output rose 2.8 percent year on year to 16.67 million tonnes in June.
The country’s June output grew by 3.5 percent from the 2019 level, with a daily oil output of 556,000 tonnes.
In the first six months, the country’s crude oil output came in at 99.32 million tonnes, an increase of 2.4 per cent from a year earlier.
