China may set a record for crude oil imports in 2023

China’s crude oil imports may rise to 11.8mbpd.

China is expected to import a record amount of crude oil in 2023 due to increased fuel demand. People began to travel more after the abolition of COVID-19 control. Demand is also affected by the fact that new refineries are being launched.

Crude oil imports to China may rise to 11.8 million barrels per day, reversing the decline of the previous two years and surpassing the 2020 record of 10.8 million barrels per day, according to analysts at industry consulting companies Mackenzie, FGE, Energy Aspects and S&P Global Commodity Insight.

Unipec, the trading arm of the leading Asian oil refiner Sinopec, has already bought at least 8.5 million barrels of Abu Dhabi Upper Zakum oil in February. In addition to meeting the growing domestic demand, refineries will also be interested in increasing production volumes.

Despite all the optimistic factors, there is a risk of a re-increase in cases of COVID-19 infection and uncertainty about China’s fuel export policy.