China’s Crude Oil Imports Expected To Hit A Record High In 2023

The Chinese reopening and new refineries coming online are set to raise the crude oil imports in the world’s top importer to a record-high this year, industry consultants told Reuters. Chinese crude oil imports could increase to average as high as 11.8 million barrels per day (bpd) this year, rising by between 500,000 bpd and 1 million bpd, according to Energy Aspects, FGE, S&P Global Commodity Insights, and Wood Mackenzie. This would reverse the decline of 2021 and 2022 and beat the record of an average 10.8 million bpd in yearly…