Despite a weak start to the year, analysts still expect the country’s oil imports to hit a record high by the end of the year.
- Mar 08, 2023, 6:00 PM CST
Chinese energy commodity imports were underwhelming in the first two months of 2023, but they are expected to pick up later this year with potentially record-high crude oil purchases, even though Beijing has set its lowest annual economic growth target in decades. China’s crude oil imports averaged 10.4 million barrels per day in January and February, down by 1.3% compared to the same months in 2022, according to official Chinese data in tons estimated in barrels by Reuters’ Asia Commodities and Energy Columnist . The imports were also below the more than 11.3 million bpd in crude imports in November and December last year.
“Looking ahead, China’s crude oil imports could recover over the next quarter as industrial activity picks up and refiners rebuild their stocks,” ING said.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil Prices Remain Rangebound Despite A String Of Predictions | OilPrice.comDespite months of rumors regarding a rebound in global oil demand, oil prices are decidedly range-bound at the moment as they await a major development to break through resistance.
Read more »
First Crude Oil Draw In 2023 Pushes Oil Prices Higher | OilPrice.comCrude oil prices moved up today after the U.S. Energy Information Administration estimated an inventory draw of 1.7 million barrels for the week to March 3.
Read more »
Expect More Oil And Gas IPOs In The Middle East | OilPrice.comADNOC’s recent public offering of a part of its gas business was a successful attempt to attract funds at a moment when hydrocarbon assets are highly valued
Read more »
Greggs plans to open 150 new stores despite elevated pay and energy costsThe company says it expects to see an impact from elevated levels of inflation throughout 2023 but it says its value offer is proving attractive as the cost of living crisis continues.
Read more »
Oil companies line up for billions of dollars in subsidies under US climate law\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
Sheffield trees: Council leader to stay on despite damning reportTerry Fox says he will not 'hide away' after a report blamed a 'failure of leadership' for tree saga.
Read more »