China's Dec crude imports rebound 10% on month to 11.4 mil b/d

China's crude imports rebounded 10.3% month on month to 11.44 million b/d in December 2023 from a four-month low in November, while oil products exports fell to a six-month low of 4.64 million mt amid tight export allowances, General Administration of Customs data showed Dec. 12.

The month-on-month gain in crude imports was within expectations as independent refineries were set to bring more barrels once new import quotas were available.

The GAC releases data in metric tons that S&P Global Commodity Insights converts to barrels using a 7.33 conversion factor. On a metric ton basis, the volume stood at 48.36 million mt in December, edging 0.6% higher year on year and rising 13.9% from November.

This led to inflows in 2023 to average at 11.33 million b/d (563.99 million mt), increasing 11% year on year, the GAC data showed.

Meanwhile, exports of oil products dropped 39.7% year on year in December but pushed total outflow in 2023 to gain 16.7% from a year ago to 62.69 million mt, according to the GAC data.

The year-on-year gain of 80.3% in oil products imports, which was stronger than exports, led China's net oil product exports to drop 45% to 14.99 million mt in 2023.

In December, China imported 4.76 million mt of oil products, surging 45.2% year on year and growing 14.5% from November, customs data showed.

China's oil international trade (million mt)

Source: General Administration of Customs