China ramped up its stockpiling of crude last year, with imports beating the previous annual record, reached in 2020, as fuel demand bounced back after Covid-19 restrictions were lifted, Chinese customs data released on Friday showed.
The country’s oil imports surged by 11% year-on-year to 11.28 million barrels per day (bpd) in 2023, exceeding the record of 10.81 million bpd set in 2020, when Beijing took advantage of falling oil prices to stockpile large volumes of cheap crude.
Increased domestic travel following the removal of the pandemic-era lock-downs pushed oil imports up last year amid growing fuel demand. Jet fuel and gasoline consumption were particularly high in China.
Diesel demand, however, was relatively weak compared to historic levels, owing to a slowdown in the construction sector and an uncertain outlook for manufacturing.
Overall, China’s fuel demand was much higher compared to the previous three years, largely supported by growing oil deliveries from Russia.
Moscow became the country’s top crude supplier in November as Beijing imported around 2.2 million bpd, according to Chinese customs data. Imports of Russian oil jumped by 22.2% between January and November of 2023 compared to the same period in 2022.
Economists forecast that jet-fuel needs and demand from the petrochemical sector for high-end products used in the manufacturing of goods such as solar panels and electric vehicles will drive Chinese oil demand and crude imports this year.
China is expected to account for over a quarter of global oil demand growth, which is due to rise by almost two million bpd in 2024 largely driven by Asian markets, according to a recent report by Wood Mackenzie.
RT. com / ABC Flash Point News 2024.
US sanctions have no impact on the world trade and distribution lines.
Well done China. No-one can question you’re an economic powerhouse… not even the US
Though the rest of the western world relies on stupid WInd Farms, solar and the rest of the DAVOS/WEF ideology on “Climate Change”. Countries that have either coal, uranium or oil in this case still export to make $$$ so the big corpos still win. Though the norms are forced into higher electricity prices because of this green energy tale. The investors and those at the top of the chain are the only ones making the $$$. Look at the pollution rate of China and India, they dont give a crap about the western ideology of green investment.
Well done China. No-one can question you’re an economic powerhouse… not even the USA.