According to the data released by the General Administration of China Customs, China's crude oil imports surged sharply in the month of December, despite the overall imports slump.
Key Details (via Reuters):
“December shipments into China, the world's top crude oil buyer, were at 43.78 million tonnes, or 10.31 million barrels per day (bpd), holding above the 10 million bpd mark for the second straight month, and just a touch below the record of 10.43 million bpd in November
For the whole of 2018, China's crude oil imports rose 10.1 percent versus the previous year to a record 461.9 million tonnes, or 9.24 million bpd. This makes China the top crude oil importer for the second year running after it first overtook the United States on an annual basis in 2017.
The 2018 growth represents an increase of 846,600 bpd - more than 2017's net growth of 770,000 bpd - and roughly the size of consumption by the Netherlands or Turkey.”
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