China has set another record for crude oil imports, with deliveries from foreign suppliers rising to 11.18 million barrels per day (bpd) in November. This is the highest monthly average ever reported for any country, surpassing the U.S. peak of 10.77 million bpd recorded in June 2005, Bloomberg reported on December 17.
Imports are likely to hit new highs in 2020. This is partly because Chinese companies are due to bring two large new oil refineries on stream next year and partly because marine fuel production is set to rise on the back of a tax rebate.
Meanwhile, there is at least one more sign that oil imports are set to rise – namely, improvements in U.S.-China trade relations. If the trade war between the two countries fizzles out, China’s economy is likely to grow more quickly, thereby pushing demand for crude upwards.