China’s 2020 crude oil imports hit record on stockpiling, new refineries

December shipments were 38.47 million tonnes, or about 9.06 million bpd, according to data released by the General Administration of Customs on Thursday

China importing oil - Energy News Beat

China’s total crude oil imports surged 7.3% in 2020 despite the coronavirus shock earlier in the year, with record arrivals in the second and third quarters as refineries expanded operations and low prices encouraged stockpiling, data showed on Thursday.

For 2020, the world’s top oil buyer brought in a record 542.4 tonnes of crude oil, or 10.85 million barrels per day (bpd).

The strong flows followed feverish buying from refineries as well as independent storage operators after crude prices plummeted to the lowest in decades earlier in the year, taking advantage of robust domestic demand as the economy quickly recovered from the coronavirus pandemic.

December shipments were 38.47 million tonnes, or about 9.06 million bpd, according to data released by the General Administration of Customs on Thursday.

That was down about 15% from a year earlier and also off November’s 11.04 million bpd partly because independent refiners ran out of import quotas following earlier frenzy imports.

Looking forward, arrivals should firm up again following the

release of fresh quotas that were 18% higher than a year earlier under the first round of 2021.

“This, together with increased lifting from state-run refiners, should result in a large increase in crude arrivals in January-February from December levels,” said Chen Jiyao, head of China client advisory for FGE.

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.

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 tonnes in December, as a harsh winter and a stunning manufacturing recovery boosted energy demand.

Full year gas imports rose 5.3% to a record 101.66 million tonnes.

Shiptracking data showed earlier China’s December LNG imports soared to a record of over 9 million tonnes, overtaking Japan for the second month in a row as the world’s No.1 buyer.

China’s refined oil products exports were 5.9 million tonnes in December and total 2021 exports amounted to 61.83 million tonnes, down 7.5% from 2019, data showed.

Separately, a Chinese customs spokesman said China’s crude oil imports from the United States rose 88% in 2020 in Chinese yuan terms, in line with what customs data has shown in shipments. (tonne=7.3 barrels for crude oil conversion)

About Stu Turley 3230 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.

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