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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
China’s crude oil imports fell for the second consecutive year in 2022 by 0.9% year on year to 508.3mn tonnes, or 10.17mbpd, according to General Administration of Customs data.
- Imports slowed for most of the year as refiners faced weakening margins and sluggish fuel demand, but started picking up in October as Beijing moved to support the industry by drastically boosting fuel exports.
- Imports picked up in December and stood at 48.07mn tonnes, or 11.3mbdp, as state refiners bought Saudi crude at lower official prices and independent refiners rushed to use quotas.
- China's Russian crude oil imports rose by 10% on the year in the first 11 months at around 80mn tonnes.
- Chinese fuel demand is expected to pick up this year as the government focuses on reviving economic growth, dropping most of its Covid control measures.
- "China's more front-loaded crude quota release schedule indicates Beijing expects non-state refineries to run harder in response to stronger demand after China’s reopening," Sun Jianan, analyst at Energy Aspects said.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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