Despite a weak start to the year, analysts still expect the country’s oil imports to hit a record high by the end of the year.
- Mar 08, 2023, 6:00 PM CST
Chinese energy commodity imports were underwhelming in the first two months of 2023, but they are expected to pick up later this year with potentially record-high crude oil purchases, even though Beijing has set its lowest annual economic growth target in decades. China’s crude oil imports averaged 10.4 million barrels per day in January and February, down by 1.3% compared to the same months in 2022, according to official Chinese data in tons estimated in barrels by Reuters’ Asia Commodities and Energy Columnist . The imports were also below the more than 11.3 million bpd in crude imports in November and December last year.
“Looking ahead, China’s crude oil imports could recover over the next quarter as industrial activity picks up and refiners rebuild their stocks,” ING said.
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