China's imports has raise by 14 % in the month of March from the previous year, as per the customs data that was put forward on Monday. This rise was due to the domestic oil production that has remained flat and the demand for refined fuel products stood at near-record levels in couple of months.
The General Administration of Customs data stated that China has continued to import a very low 26.81 million tonnes of crude oil in the month of March. On a every day basis, March imports of around 6.3 million barrels per day were down by 5.2 % from the month of February.
China's crude oil imports have suffered flat domestic oil output and have implied oil demand that has resulted more than 10 million bpd for the last six months. The International Energy Agency (IEA) in the previous month brushed up its forecast for China's oil demand growth which will be up to 2.7 percent in 2015.
As the global oil prices are at a low level in the last six years, China has been summing up to its strategic reserves; however, some analysts has stated that China could be running out of storage space and due to which the imports could pulled back.
The March volumes which were around one million tonnes are quite less in comparison with the earlier estimate which was presented by Thomson Reuters Oil Research and Forecasts. However, April imports are expected to remain at par with original March volumes.
In the first quarter of the year, China has imported around 80.34 million tonnes of crude oil, which has rose by 7.5 % through the same period in the previous year.