Commercial crude inventories in China marked an on-month decline of 3.5% by the end of May, according to data released by China National Petroleum Corporation.
The nation's crude imports stayed at a high level of 21.55-mil mt in May, when domestic output rose by 2.77% on month to 17.43-mil mt; meantime, crude throughput grew 3.44% to 38.47-mil mt, showed official data.
If taking into account national strategic petroleum reserves, China's crude inventories are equal to about 65-day net imports or 37-day consumption, C1's data indicated.
The commercial crude inventories comprise stocks of refineries, stocks in pipelines and commercial stocks.
