{"id":9455,"date":"2024-01-12T09:14:53","date_gmt":"2024-01-12T09:14:53","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=9455"},"modified":"2024-01-12T09:14:53","modified_gmt":"2024-01-12T09:14:53","slug":"chinas-2023-crude-oil-imports-hit-record-as-fuel-demand-recovers","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/9455\/","title":{"rendered":"China’s 2023 crude oil imports hit record as fuel demand recovers"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0China’s annual crude oil imports hit an all-time high in 2023, customs data showed on Friday, as fuel demand recovered from a pandemic-induced slump despite economic headwinds.<\/p>\n

China imported 11% more crude oil last year versus 2022 at 563.99 million metric tons, equivalent to 11.28 million barrels per day (bpd), up from a previous record of 10.81 million bpd in 2020, data from the General Administration of Customs showed.<\/p>\n

Imports in December totalled 48.36 million tons, or 11.39 million bpd, up from November’s 10.33 million bpd.<\/p>\n

Domestic passenger transport levels increased steadily through 2023 following the country’s abrupt exit from pandemic restrictions in November 2022.<\/p>\n

China’s highway traffic for 2023 jumped 43.6% from the previous year in passenger kilometres for the January to November period, according to Ministry of Transport data.<\/p>\n

Domestic air traffic also recovered rapidly, rising 27% on the previous year to reach a new record in December, according to data from aviation analytics firm OAG. International travel saw a more muted recovery, with December flight volumes still down 39% on the same month in 2019, shortly before borders were closed.<\/p>\n

Domestic diesel demand was weaker amid an ongoing slowdown in the construction sector and an uncertain outlook for the manufacturing sector.<\/p>\n

China’s oil demand growth has been forecast by analysts to slow to around 4% in the first half of 2024 due to the country’s property market woes, although moderating growth in domestic output will continue to support import levels.<\/p>\n

The primary drivers for oil imports in 2024 are expected to be aviation demand for kerosene and demand in the petrochemical sector for high-end chemical products used in the manufacture of key goods such as solar panels and electric vehicles.<\/p>\n

China’s demand for naphtha, a key feedstock for petrochemicals, is forecast by the International Energy Agency to grow 13.3% through this year.<\/p>\n

Friday’s data also showed China’s natural gas imports, comprising both liquefied natural gas (LNG) and piped gas, rose 9.9% to reach 119.97 million tons in 2023. That’s the second highest on record after 2021, when China imported 121.4 million tons.<\/p>\n

Imports in December at 12.65 million tons hit a record monthly high, up from November’s 10.95 million tons, to meet strong heating demand amid colder-than-usual weather. Growing pipeline gas supplies from Russia also helped bolster the imports.<\/p>\n

China last year exported a total of 62.69 million metric tons of refined fuel products, which include diesel, aviation fuel, gasoline and marine fuel, up 16.7% on the previous year, the data also showed.<\/p>\n

December exports at 4.64 million tons were the lowest since last June as companies ran short of export quotas.<\/p>\n

(metric ton = 7.3 barrels for crude oil conversion)<\/p>\n

 <\/p>\n

Updated on