China's crude oil imports for 2021 post first annual drop in 20 years

6 months ago 67

China's crude oil imports for 2021 fell 5.4% from 2020, its first annual decline since 2001, data showed on Friday, as Beijing clamped down on the refining sector to curb excess domestic fuel production while refiners drew down massive inventories.

December oil arrivals reached 46.14 million tonnes and posted the first year-on-year growth since April, as independent refiners rushed to utilise 2021 quotas, data from the General Administration of Chinese Customs showed.

That brought the whole of 2021 imports to 512.98 million tonnes, down from 2020's 542.39 million tonnes.

The drop compares with an average annual import growth rate of nearly 10% since 2015, China customs data showed.

The December influx, equivalent to about 10.87 million barrels per day, was the highest daily amount since March.

In contrast to 2020, when companies went on a massive stock building drive on decades-low oil prices and a rapid demand recovery from the COVID-19 pandemic, refiners and traders last year drew down inventories amid higher prices and slower growth in fuel demand.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Read Entire Article