The Strategist

China grows oil imports by 11% in 2023 amid economic recovery

01/15/2024 - 12:49

Chinese oil imports reached 564 million tons in 2023, up 11% from the year before, as reported by the PRC's General Administration of Customs.

Skitterphoto -
Skitterphoto -
Simultaneously, the amount spent on raw materials was $337.5 billion, a 7.7% decrease from 2022.

China's crude oil supply in 2023 was 1.545 million tons on average per day, compared to 1.393 million tons in 2022. The barrel-release ratio was 11.28 million bpd in 2023 compared to 10.165 million bpd in 2022.

Petroleum product imports increased by 80.3% to 47.695 million tons in the previous year. The PRC spent $279.3 billion, or 42.3% more, on their buy with a notable volume rise.

Oil and petroleum product imports have grown as a result of the economy recovering following the removal of restrictive restrictions. International analytical organizations' assessment states that the PRC became the primary engine of the increase in the world's oil demand, accounting for the majority of the growth in 2023 (which was predicted to reach 2.5 million barrels per day).

Chinese customs will release a more thorough international trade brief the following week, which will include a breakdown of exporters and the different kinds of oil goods.