China Crude Oil Imports Hit Record 8 M bpd
On February China's crude oil imports increased 20 percent on year to the highest ever on a daily basis.
The number of crude oil importers has rapidly risen because of the current market situation.
According to the data from China's General Administration of Customs showed on Tuesday, Dervos
find that as the world's second-largest oil consumer, China has imported 31.80 million tons of crude oil last month, or a record of 8 million barrels per day (bpd). On a daily basis, February's imports also grow up to roughly 27 percent from 6.29 million bpd in January.
Last week, Beijing-based consultancy SIA Energy claimed that it hopes that China's crude imports in 2016 will rise by 860,000 bpd, or nearly 13 percent, boosted by storage needs, robust gasoline demand and fuel exports. The country's top energy group state-owned China National Petroleum Corporation (CNPC) forecasted in January that China's net crude oil imports would rise 7.3 percent in 2016.