China imported less crude in December - JLC

China imported 11.27 million b/d in December, down from 11.81 million b/d in November, market intelligence provider JLC reported, citing data from the General Administration of Customs (GACC).

PHOTO: Oil pump jacks with the Chinese flag in the background. Getty Images

“Chinese buyers made fewer purchases of imported cargoes for the month in view of seasonally weak fuel demand and short quotas on the exports of refined oil at the end of the year,” JLC said.

The country imported a total of 47.84 million mt of crude in December 2024, about 1% less than in December a year earlier, according to JLC.

China’s total crude oil imports last year stood at 553.42 million mt, down by 1.9% from 2023, JLC reported.

Overall, the country’s crude oil demand has declined “mainly due to the rapid development of alternative energy in 2024,” JLC said.

The slowdown in crude imports directly reflects this apparent slump in oil demand growth in the world’s second-largest crude oil-consuming nation and has put downward pressure on Brent crude prices.

By Aparupa Mazumder

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