China’s crude oil imports fell 20 percent in January from record high volumes the previous month to their lowest level since October, official customs data showed on Monday. January crude oil imports were also down 4.6 percent on a year earlier at 26.69 million tonnes, or 6.29 million barrels per day. China’s imports reached a record 7.81 million bpd in December to close out 2015 with an average 6.71 million bpd – a figure well above China’s still growing demand for oil. China took advantage of low global oil prices last year to add up to 185 million barrels to its reserves, Reuters calculations show, while oil demand – refinery throughput plus net imports of oil products – grew 3.1 percent. In January, fuel exports rose 45.2 percent to 3.01 million tonnes, or […]