Low crude oil prices have sharply increased demand from Chinese refineries. Chinese oil refiners are trying to stock up as much as possible on cheap raw materials necessary to produce gasoline that does not change in price.

China, oil storage facility in Tianjin industrial zone (Photo: DPA)

In January-March 2016, China imported about 91.1 million tons of oil, bringing daily import volumes to 7.34 million barrels, which is a record figure, reports Bloomberg , citing Chinese customs data.

According to the agency, in the first quarter of 2016, oil imports to China exceeded the results of the previous quarter by 6%, and year-on-year increased by 13%.

Analysts attribute the growth in oil demand to the increased activity of independent oil refining companies seeking to make the most of the falling cost of raw materials in the face of unchanged gasoline prices.

Previously, Standard Chartered Bank reported that in 2015, demand for petroleum products in China increased by 6.2%, to 9.4 million barrels. per day, and in 2016 it will increase by another 420 thousand barrels. per day. At the same time, China is increasing the export of its petroleum products. As customs data released today show, net exports of petroleum products rose to 1.3 million tons in March 2016, the highest level since the beginning of the year.

According to ICIS China, in the first quarter, refining one barrel of oil purchased from Oman brought Chinese refineries an income of $16, which is 68% more than the 2015 average.

“Small refiners are extremely sensitive to changes in refining margins, and the increase in operating benefits in the first quarter has sharply increased their appetite,” said Guo Chaohui, an analyst at Beijing-based China International Capital Corp.

According to the vice president of United Petroleum & Chemicals Co. Zhong Fuliang, based on the results of 2016, the average volume of Chinese oil imports against the backdrop of increasing demand from independent refineries may increase to 7.5 million barrels. per day, which will turn China into the largest oil importer in the world. In 2015, the United States remained the leader, importing 7.37 million barrels. oil per day.

Previously, Standard Chartered Bank analysts predicted that China will continue to increase oil purchases abroad to replenish its strategic reserves, as a result of which by the end of 2018 - beginning of 2019, oil imports into China will exceed 10 million barrels per day.

China's oil imports increase to record level