Chinese crude oil imports strengthened in August, as cargoes from the Persian Gulf crept higher and refiners increased purchases from other sources.
Undeterred by higher prices, importers shipped in 37.9 million tons last month, 6.2 percent more than in July, according to customs data on Tuesday. Flows to the world’s biggest buyer are gradually recovering after initially being crippled by the war in Iran, although they remain 23 percent below August last year. Russian crude, in particular, has found favor, with refiners looking to bypass the contested Strait of Hormuz.
The rise in crude supply has allowed China to export more oil products, offering relief to a global market struggling with refining bottlenecks and outages caused by the twin shocks of war in both Ukraine and the Middle East. Overseas sales of items including gasoline and diesel climbed 29 percent from July.
Natural gas imports dipped on the month as rising prices triggered by the war affected shipments of costlier seaborne fuel. Coal imports stayed elevated as the impact of the Shanxi mine disaster in May continued to constrain local production.
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