China Crude Imports Top U.S. in 2017 as New Plants Boost Demand
Friday, 12 January 2018 11:32 WIB |
China passed the U.S. as the largest importer of oil last year as new refining capacity and independent buyers boosted demand.
Inbound shipments averaged about 8.43 million barrels a day in 2017, up about 10 percent from a year earlier, according to Bloomberg calculations using General Administration of Customs data released Friday.
Imports may jump another 10 percent this year, according to BMI Research, as the country seeks to offset declines in domestic output and regulatorsexpanded overseas oil quotas. China raised the allowance for use of overseas oil by non-state companies for 2018 by 63 percent, according to the Ministry of Commerce, a further boon to the country™s buying.
The nation™s expanding appetite for crude was buoyed last year by an expansion at China National Offshore Oil Corp.™s flagship Huizhou refinery and the startup of PetroChina Co.™s new plant in Yunnan. Friday™s data showed the world™s largest energy user imported a total of 420 million metric tons of crude last year, up 10.1 percent from 2016.
Overseas shipments into the U.S. were about 7.9 million barrels a day last year, according to Bloomberg calculations using weekly government data.
Source : Bloomberg