OIL: China Crude Oil Imports Set New Record High in 2023

China crude import volumes rose to 48.36m tons (11.39mbpd) in Dec from 10.33mbpd in Nov resulting in a record year for imports in 2023 as the country emerged from Covid restrictions according to General Administration of Customs data. Oil demand in China is considered a key to global growth this year amid uncertainty over a slowdown in 2024.

• China crude imports increased 11% y/y in 2023 to 563.99m metric tons (11.28mbpd), up from a previous record of 10.81mbpd in 2020.
• December refined fuel products exports in Dec fell to the lowest since June at 4.64m tons amid a lack of export quotas. Total fuel product exports were 62.69m metric tons in 2023, up 16.7% on the previous year.
• Transport fuel demand, which accounts for about half of all oil products consumed, saw robust growth last year as domestic passenger transport levels steady increased through 2023.

Source: Reuters