CHINA'S FUEL OIL IMPORTS SOAR TO HIGHEST SINCE AT LEAST 2020

China's imports of fuel oil rose 10% in April from a year earlier to 2.93 million metric tons, data from the General Administration of Customs showed on Monday, the highest level since at least 2020. The April imports, which equate to about 620,180 barrels per day, were 48% higher than in March, as traders brought in more shipments from Venezuela and Iran.

The import volumes included purchases under ordinary trade, which are subject to import duty and consumption tax, as well as imports into bonded storage. Imports into the bonded tanks reached 2.21 million tons, or roughly 467,800 bpd, also the highest since at least 2020.

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