COLUMN-China's crude oil imports surge in March, but likely to fade amid COVID curbs: Russell

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Nasdaq
By Reuters

By Clyde Russell

LAUNCESTON, Australia, April 12 (Reuters) - China's imports of crude oil rebounded in March, but aren't likely to grow much more for a while - fuel demand is wilting amid COVID-19 lockdowns and high prices.

The world's biggest crude importer brought in 10.88 million barrels per day (bpd) in March, up from a four-month low of 9.51 million bpd in February, but still well below January's 11.54 million bpd, according to Refinitiv Oil Research.

The jump last month can be largely ascribed to an increase in demand from refiners as pollution restrictions were lifted after the Winter Olympics in Beijing in February, and as fuel demand increased following the Lunar New Year holidays.

But there are several question marks over the strength of fuel demand in China, especially given the ongoing lockdowns in major cities including the commercial hub of Shanghai, with its population of around 26 million people.

Estimates vary as to how much fuel demand is being lowered by Beijing's policy of zero-COVID tolerance. But it's likely that at least 200,000 bpd of consumption has been cut by the Shanghai lockdown alone, with more demand destruction in other cities as well as through lower air travel.

Additional exports of refined products can soak up some of any fuel excess to domestic needs. Still, it's worth noting that China slashed export quotas in its first allotment for 2022, cutting them by 56% to 13 million tonnes, as part of efforts to cut pollution and ensure domestic supplies.

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