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China's fuel imports have been on the rise, driven by a recovery in domestic demand and economic activity. In 2023, the country's annual crude oil imports hit an all-time high of 563.99 million metric tons, equivalent to 11.28 million barrels per day, an 11% increase from the previous year[4]. This surge in imports was fueled by a rebound in fuel demand following the country's exit from pandemic restrictions in late 2022[4].
Domestic passenger transport levels jumped 43.6% in the January to November period, while domestic air traffic reached a new record in December, up 27% from the previous year[4]. China's natural gas imports, comprising both liquefied natural gas (LNG) and piped gas, also rose 9.9% to reach 119.97 million tons in 2023, the second-highest on record[4]. The country's fuel oil import quotas for 2023 were raised by 3 million metric tons for non-state-run enterprises[2], and the 2024 limit has been set at 20 million metric tons, 4% higher than the previous year[3]. These increases in fuel imports underscore China's growing energy needs and its efforts to meet the demands of its recovering economy.
Citations:
[1] https://www.aa.com.tr/en/asia-pacific/china-records-annual-increases-in-fossil-fuel-production-imports/3085575
[2] https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/112723-china-raises-2023-fuel-oil-import-quotas-by-3-mil-mt-to-allow-feedstock-purchases
[3] https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/122623-china-sets-2024-fuel-oil-import-limit-at-20-mil-mt-4-higher-on-year
[4] https://www.reuters.com/business/energy/chinas-2023-crude-oil-imports-hit-record-fuel-demand-recovers-2024-01-12/
[5] https://www.hellenicshippingnews.com/asia-fuel-oil-vlsfo-cash-differential-gains-chinese-imports-rise/
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