China’s crude oil imports fell 1.9% in 2024, data showed Monday, the first annual decline in two decades outside of pandemic-related falls, as weak economic growth and peak of fuel demand have slowed purchases.
Imports totaled 553.4 million metric tons, equivalent to 11.04 million barrels per day (bpd), according to data from the General Administration of Customs. This figure compares to the record of 11.28 million barrels per day in 2023.
Imports in December fell to 47.84 million tonnes, or 11.27 million bpd, compared to 11.81 million bpd in November and 11.39 million bpd in December 2023.
“China 2024 was a disappointment as the market expected flat to stronger growth from 2023 onwards. Deflationary pressures and transport electrification have held back growth,” said Emril Jamil, senior analyst at LSEG, before the publication of the data.
China’s demand for key transportation fuels barely increased in 2024 as the rapid electrification of its vehicle fleet displaced gasoline, while a housing sector crisis and sluggish goods exports dampened growth. demand for diesel.
Data on Monday showed that China’s natural gas imports, including liquefied natural gas (LNG) and piped gas, rose nearly 10% to 131.69 million tonnes in 2024, a record high. .
Imports in December stood at 11.56 million tonnes, up from 10.8 million tonnes in November, but down from 12.65 million tonnes in December 2023.
Exports of refined petroleum products, which include diesel, aviation fuel, gasoline and marine fuel, totaled 58.14 million tonnes, down 7.2 percent from 2023, the data showed.
December exports, at 3.73 million tonnes, were the lowest in 2024 as companies failed to meet export quotas.
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(ton = 7.3 barrels for crude oil conversion)
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