China’s Imports of Crude Oil in August Jump 13% YoY

China’s imports of crude oil in August rose 13% from their level a year ago, supported by large purchase orders earlier in the year when global oil prices collapsed and at a time when customs clearance of shipments delayed in the past due to congestion at ports.

Data issued by the General Administration of Customs revealed that imports amounted to 47.48 million tons last month, equivalent to 11.18 million barrels per day. This is less than the record monthly quantity of 12.94 million barrels per day recorded in June of this year, but easily exceeds the monthly average last year in general of 10.11 million barrels per day.

China, the world’s largest importer of crude oil, has had historically record volumes since May as bargain hunters snatched cheap supplies. In light of a jump in shipments, storage tanks are full and Chinese ports are still suffocating, although congestion has eased a little.

According to data tracked by Refinitiv, there are twenty ships waiting to unload oil in the port of Qingdao, while another 18 ships are waiting near Rizhao Port in the refining center of Shandong province on Monday.

Analysts expect the number of shipments to decrease as Chinese fuel demand reaches its peak while oil prices recover steadily.