The Olympics may delay this process slightly, but the greater risk to China's imports in coming months is that a combination of high prices and still high inventory levels may lead refiners to limit oil purchases. 11 Japan has accumulated the largest stockpile outside of China and has. This process may reverse in January, with Refinitiv expecting imports to drop to 9.57 million bpd as refiners constrain processing due to pollution concerns ahead of the Beijing Winter Olympics.Ĭhina's imports are normally robust in the first quarter of the year, given that independent refiners have fresh import quotas and generally seek to build up commercial inventories ahead of peak summer demand. Global supply of heavy rare earths will still be reliant on China beyond 2015. The rise in imports in December led to crude being added to storages in the month, with the total amount of oil available from imports and domestic output exceeding refinery throughput by 920,000 bpd. Meanwhile, China’s Foreign Ministry told CNN that it resolutely opposes any military exchanges between the United States and Taiwan, adding that Beijing will take all necessary measures. It appears lower oil prices in November and early December may have boosted China's crude imports in December.ĭecember's customs data showed imports of 10.86 million bpd, up 10.4% from November, with seaborne arrivals from nearby Russia rising to the most since June 2020, according to data compiled by Refinitiv Oil Research. ![]() ![]() This has prompted Beijing to openly reframe its food self-sufficiency strategy. While food exports nearly tripled from 20.2 billion to 59.6 billion over the same period, China increasingly finds itself running a food trade deficit. China crude oil available vs refinery runs Acquire Licensing Rights Between 20, China’s food imports grew from just 14 billion to 104.6 billion.
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