China’s crude imports in November rebounded 14.3% to 10.21 million b/d from the 39-month low in October as refineries had to increase buying to meet throughput demand, data from General Administration of Customs showed on Dec. 7. The inflow was 8.94 million b/d in October.
State-owned refineries lifted their throughput in November as a response to Beijing’s call for raising oil product supplies, while independent refineries gained the final batch of crude import quotas which allowed them to bring in more barrels. The GAC releases data in metric tons, which S&P Global Platts converts to barrels using a 7.33 conversion factor. On a metric tons basis, volume rose 10.6% on the month to 41.79 million mt in November. This brought the country’s crude imports to stand at 10.25 million b/d in January-November, falling 7% year […]