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Chinese Crude Imports Rebound, Rise to Second Highest Level Recorded
Chinese crude imports in November stood at 9.05M b/d, up 24% or 1.71M b/d m-o-m and 14.5% or 1.15M b/d y-o-y, according to official data released by the Chinese General Administration of Customs. November imports were also 627K b/d higher than the year-to-date average, and the second highest monthly level ever recorded.
The increase in Chinese crude exports was facilitated by the release of an additional 1.5M tonnes of import quotas in 2017 by the government, as well as firm refining margins after China raised the price of domestic fuel twice during November, according to Reuters.