China's crude oil imports rose in November due to lower prices, but refinery issues and a decline compared to 2023 cast doubt on the long-term trend.
Crude oil imports to China rose last month for the first time in seven months as lower prices stimulated stronger demand. The average daily import rate in November stood at 11.81 million barrels, Reuters reported, citing customs data from China . The total for the month came in at 48.52 million tons of crude, which was 14.3% higher than a year ago.
China has issued an extra crude oil import quota of some 116,800 barrels daily for this year and there is a directive to add 8 million tons of oil to the country’s emergency supply. Meanwhile, refineries in China have not been doing so well. Run rates fell for seven months in a row until October, with the total annual decline from 2023 at 4.6%.
Crude Oil Imports Oil Prices Refineries Refinery Run Rates Economic Stimulus Sinochem Teapots Industrial Demand Future Outlook
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