China's Crude Oil Imports Hits Third Highest Level in March

China's imports of crude oil hit their third highest level in March, latest data from the the country's Customs shows. China is the second biggest crude oil consumer in the world.

March imports at 5.55 million barrels per day (mbpd) are 8.7% higher Year-on-Year and is the country's 3rd biggest import figures, Bloomberg states while adding that the high level of imports may suggest that the Chinese were building up their oil inventories because refineries were expected to have cut crude runs in March. Moreover, a latest Reuters Poll suggests that Chinese oil firms will cut their crude oil throughput at major refineries at a 35 month low in April.

On a Month-on-Month (MoM) basis, oil imports however declined from the record 5.89 mbpd imports in February. Q1, 2012 oil imports increased by 11.4% YoY to 5.66 mbpd which is almost twice as faster than the 6% growth achieved in the whole of 2011.

Meanwhile, China's March oil product imports grew by 1% to 902,900 barrels per day while oil exports declined by a more astronomical 20.2% YoYto 474,500 barrels per day.