**China's crude oil net imports surged 47% YoY in H104.
- China's total H104 crude imports increased by 39% YoY reaching 61 million tonnes (Mt) or 445.3 mbl, up from 320 mbl in H103. At the same time, China's total H104 crude oil exports declined 26% YoY. As a result China's net imports in H104 jumped 46% YoY and 34%HoH to 423mbl. Crude oil imports in June reached 11.6 million tonnes up 47% YoY, marking a monthly historical high.
**Net refined oil imports rise 161% YoY
- Total H104 refined oil product imports rose 57% YoY and 28% HoH. As with crude oil, oil product exports declined, boosting China's net imports, which surged 161%Yoy and 64% HoH to 15Mt
**Domestic consumption of oil increased 24% YoY and 9% HoH.
- China's total throughput volumes plus net product imports (total domestic demand) indicate that oil consumption in H104 has increased 24% YoY and 9% HoH. If we annualise this, China's consumption growth would be 16% YoY in FY04
