China imported 12.15mn b/d of crude oil in March, the highest monthly figure since August 2023, and a sharp rebound from an average of just 10.4mn b/d for January and February (MEES, 21 March). Refinery runs of 14.89mn b/d were the highest in a year and the fourth highest on record, with Q1 average runs of 14.82mn b/d second only to the all-time high of 14.95mn b/d hit in Q3 last year. Imports would have been higher were it not for March seeing a crude output record of 4.49mn b/d, up 150,000 b/d year-on-year, with Q1’s 4.40mn b/d also a record on a quarterly basis (see chart).

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