China’s annual crude oil imports fell 5.4 percent in 2021, the first drop since 2001, as Beijing clamped down on the refining sector to curb domestic fuel glut production, while other countries Refineries reduce inventories.
China has been the driving force behind global oil demand over the past decade.
The world’s top crude oil importer, in 2021, will average 10.26 million bpd in crude oil imports, data from China’s General Administration of Customs on Friday showed, down 5.4 percent year-on-year. to 512.98 million tons compared to 542.39 million tons in 2020.
Last year, Reuters reported that imports into the world’s No. 2 refinery were slowing as Beijing reviewed independent refineries and cut fuel export quotas to limit oil processing. rough.
December oil imports hit 46.14 million tonnes, up nearly 20 percent in their first monthly growth since April, as independent refiners rush to use 2021 quotas, maritime data shows. agency showed. Imports in December 2021, or about 10.87 million barrels per day, were the highest since March 2021.
According to Chinese customs data, the drop for 2021 from the average annual import growth rate is nearly 10% since 2015.
In 2020, companies built massive stockpiles amid the lowest oil prices in decades and a rapid recovery in fuel demand due to the early impact of the COVID-19 pandemic. But in 2021, refiners and traders have reduced inventories amid higher prices and slower fuel demand growth.
Meanwhile, natural gas imports rose 19.9% in 2021 year-on-year to a record 121.36 million tonnes. Growth, which accelerated from the previous year’s 5.3%, was driven by strong Chinese LNG purchases, especially in the first half of 2021.
Friday’s data also showed China’s annual refined fuel exports fell 2.4% year-on-year at 60.31 million tonnes, as the government tightened export quotas to discourage production. excess of domestic oil refineries.
T&G International Joint Stock Company
Address: 352 Hue Street, Le Dai Hanh Ward, Hai Ba Trung District, Hanoi
Hotline: 0345786803
Email: hrm@tginterjsc.com
Website: http://tginternationaljsc.com
