China's crude oil imports jumped by 5% in the first two months of the year compared to the same two months in 2023.
Chinese crude oil imports jumped by 5.1% in January and February compared to the same two months last year, government data showed on Thursday, as fuel demand rose during the Lunar New Year holiday last month. China, the world’s largest crude importer, saw oil cargo arrivals rise to a total of 10.74 million barrels per day bpd in the first two months of 2024, compared to about 10.
During the holiday period, in which tens of millions of Chinese traveled, China’s demand for gasoline and jet fuel surged, according to Reuters’ estimates. As a result, state-owned refiners kept crude throughput rates stable or slightly higher compared to December, but the independent refiners – the so-called teapots – reduced run rates due to lower refining margins, industry sources told Reuters.
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