China’s crude imports rebound in November

Oil

China’s crude oil imports increased by 1.27M b/d m-o-m to 10.21M b/d in November, rising to a three-month high after previously falling to the lowest level since July 2018 in October, according to preliminary data from the General Administration of Customs. Arrivals were supported by the granting of fresh crude import quotas to independent refiners, with these allocations needing to be utilised by the end of the year, Reuters reported. Across the first eleven months of the year crude imports averaged 10.26M b/d, which is a decline of 770K b/d compared to the same period in 2020.