Business Standard

China's crude oil imports for 2021 post first annual drop in 20 years

The drop compares with an average annual import growth rate of nearly 10% since 2015

crude oil, petroleum
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Photo: Bloomberg

Reuters
China's annual crude oil imports slid 5.4% in 2021, dropping for the first time since 2001, as Beijing clamped down on the refining sector to curb excess domestic fuel production while refiners drew down massive inventories.
 
China has been the global oil demand driver for the last decade, and accounted for 44% of worldwide growth in oil imports since 2015, when Beijing started issuing import quotas to independent refiners. Benchmark Brent crude oil weakened slightly to $84.40 per barrel in the wake of the data release.

The fall in shipments into the world's top crude importer, to 512.98 million tonnes

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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