Trade data from China's General Administration of Customs today contained the numbers for oil imports last year.
- crude imports hit 11.28 mln bpd, +11% y/y
- up from a previous record of 10.81 million bpd in 2020
- thus imports hit a record high
Among the reasons:
- Domestic passenger transport levels increased steadily through 2023
- Highway traffic for 2023 jumped 43.6% from the previous year in passenger kilometres for the January to November period
- Domestic air traffic also recovered rapidly, rising 27% on the previous year to reach a new record in December
- Domestic diesel demand was weaker
Info via Reuters
