China’s crude oil imports for the primary 11 months of the yr rose eight.7 % to six.61 million barrels according to day whilst its November crude imports grew 7.6 % from the similar month a yr in the past, in keeping with initial customs knowledge launched Tuesday.
China’s November new automobile gross sales additionally jumped 17.6 % over the similar duration.
With crude costs close to document lows, China is noticed as more likely to double its strategic crude oil purchases in 2016, including some 70-90 million barrels to its strategic petroleum reserves (SPR).
On the similar time crude imports are emerging, the initial customs figures display China’s exports of subtle merchandise surged to four.1 million tonnes in November, up 68 % year-on-year. If the general numbers launched later this month ascertain the information, that might imply report exports of gas from the rustic.
“As China continues to strengthen the growth of its (unbiased) ‘teapot’ refineries, permitting extra imports of crude oil, we think this trend (of top product exports) to proceed,” ANZ stated.
Supply : CNBC