China imported 10.17 million barrels of crude oil daily last year, down by almost a percentage point from 2021. This was the second annual decline in imports in a row after 2021 also saw lower imports than 2020. Citing data from the Chinese customs authorities, Reuters reported today that the drivers behind the decline were weaker demand and lower refining margins. In the last quarter of the year, however, Beijing started issuing higher fuel export quotas and imports picked up. Seen as a move to support the Chinese refining industry, the higher…
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