China’s crude oil imports to rise

There is a possibility that China’s crude oil imports could rise to as high as 11.8 million barrels per day.

THE NATION has reported that China, will also build two new refineries with a combined processing capacity of 520,000 bpd of crude oil in 2023.Information Guide Nigeria

These new refineries are expected to raise crude imports in the world’s top importer to a record high this year, industry consultants told Reuters.

According to Energy Aspects, FGE, S&P Global Commodity Insights, and Wood Mackenzie, Chinese imports could increase to average as high as 11.8 million barrels per day (bpd) this year, rising by between 500,000 bpd and one million bpd.

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This would reverse the decline of 2021 and 2022 and beat the record of an average 10.8 million bpd in yearly crude oil imports from 2020.

China will also see this year as the start-up of two new refineries with a combined capacity to process 520,000 bpd of crude.NYSC Portal

Uncertainties over the fuel export quotas going forward is a factor clouding the outlook, according to the analysts.

The International Energy Agency (IEA) said earlier this week as it raised its 2023 demand growth estimate by 100,000 bpd from last month’s forecast that global oil demand is set to increase by two million bpd this year, pushed up by growth in Chinese consumption after the reopening.

The IEA said in its closely-watched Oil Market Report on Wednesday, China’s resurgent oil demand – with growth seen at 900,000 bpd this year – and the rest of the Asia-Pacific region will dominate global growth,

“China accounts for nearly half the 2 mb/d projected increase this year, with neighbouring countries also set to benefit after Beijing ditched its zero-Covid policies,” the IEA.JAMB Result

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