China’s 2020 Crude Oil Imports Surged 7.3%
BEIJING/SINGAPORE (Reuters) — China's total crude oil imports surged 7.3% in 2020 despite the coronavirus shock early in the year, with record arrivals in the second and third quarter amid plunging oil prices and expanding refineries, data showed on Thursday.
Customs data also showed imports of natural gas, including fuel supplied as liquefied natural gas (LNG) and via pipeline, reached a record 11.23 million tons in December.
For 2020, the world's top oil buyer brought in a record 542.37 million tons of crude oil, or 10.85 million barrels per day (bpd).
December shipments were 38.47 million tons, equivalent to 9.06 million bpd, according to data released by the General Administration of Customs on Thursday.
That was down about 15% from 10.71 million bpd in December last year and off 11.04 million bpd in November.
The strong flows followed feverish buying when crude prices plummeted to the lowest in decades and robust domestic demand as the economy quickly recovered from the coronavirus pandemic.
Expansions at state-owned refineries and the launch of new facilities by privately owned Zhejiang Petrochemical Corp further boosted China's appetite for the fossil fuel.
Beijing has raised the first batch of crude oil import quotas for non-state companies by 18% to 122.59 million tons in 2021 from the first-round in 2020, reflecting the increased capacity.
Full year imports rose 5.3% to 101.66 million tons, as a harsh winter and a stunning manufacturing recovery boosted energy demand in spite of multi-year high gas prices.
Shiptracking data showed earlier China's December LNG imports soared to a record of over 9 million tons, overtaking Japan for the second month in a row as the world's No.1 buyer. (ton=7.3 barrels for crude oil conversion)
Related News
Related News
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- Court Ruling Allows MVP’s $500 Million Southgate Pipeline Extension to Proceed
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- TC Energy’s North Baja Pipeline Expansion Brings Mexico Closer to LNG Exports
Comments