China crude oil imports hit record high
China’s crude oil imports hit a record high on a daily basis in November, as refiners operated at high run rates to use up annual import quotas.
The world’s top oil buyer imported 45.74 million tonnes of crude, equivalent to 11.13 million barrels per day (bpd), according to data released by the General Administration of Customs on Sunday.
That compared with 10.72 million bpd in October and 9.61 million bpd in November last year.
For the first 11 months of 2019, China brought in a total of 461.88 million tonnes, or 10.09 million bpd, up 10.4 percent from the same period last year, the data showed. As the year draws to a close, private refineries, known as teapot refiners, are ramping up output to use up their crude import quotas for the year in order to be able to apply for more quotas next year.
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