China's crude oil imports fell for the second year in a row in 2022 despite a burst of purchases in the fourth quarter, as the country's strict COVID-19 control measures hobbled the economy and fuel demand.
Imports for the full year by the world's top buyer totalled 508.28 million tonnes, equivalent to 10.17 million barrels per day, 0.9% lower than in 2021, according to data from the General Administration of Customs.
Imports slowed for most of the year as refiners faced weakening margins and sluggish fuel demand, but started picking up in October as Beijing moved to support the industry by drastically boosting fuel exports.Refiners took in 4% more crude oil from a year earlier at 48.07 million tonnes in December, about 11.3 million bpd, the third highest in 2022, as state refiners bought Saudi crude at lower official prices and independent refiners rushed to use quotas.
Friday's data also showed fuel exports - including gasoline, diesel, aviation fuel and marine fuel oil - reached 7.7 million tonnes in December, the highest since April 2020 and up from 6.14 million tonnes in November.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China Customs: 2022 exports rise by 10.5%, foreign trade still faces many challengesA spokesperson from China Customs said on Friday, “foreign trade still faces many challenges and difficulties this year.” “Fundamentals of long-term i
Read more »
AUD/USD drops back to 0.6950 as China Customs resists cheering upbeat trade figures for 2022AUD/USD drops back to 0.6950 as China Customs resists cheering upbeat trade figures for 2022 – by anilpanchal7 AUDUSD ForeignTrade RiskAppetite Fed Inflation
Read more »
Another Year of Record Heat for the Oceans - Advances in Atmospheric SciencesChanges in ocean heat content (OHC), salinity, and stratification provide critical indicators for changes in Earth’s energy and water cycles. These cycles have been profoundly altered due to the emission of greenhouse gasses and other anthropogenic substances by human activities, driving pervasive changes in Earth’s climate system. In 2022, the world’s oceans, as given by OHC, were again the hottest in the historical record and exceeded the previous 2021 record maximum. According to IAP/CAS data, the 0–2000 m OHC in 2022 exceeded that of 2021 by 10.9 ± 8.3 ZJ (1 Zetta Joules=1021 Joules); and according to NCEI/NOAA data, by 9.1 ± 8.7 ZJ. Among seven regions, four basins (the North Pacific, North Atlantic, the Mediterranean Sea, and southern oceans) recorded their highest OHC since the 1950s. The salinity-contrast index, a quantification of the “salty gets saltier—fresh gets fresher” pattern, also reached its highest level on record in 2022, implying continued amplification of the global hydrological cycle. Regional OHC and salinity changes in 2022 were dominated by a strong La Niña event. Global upper-ocean stratification continued its increasing trend and was among the top seven in 2022.
Read more »
Indonesia Risks Confrontation With China Over Gas Project in South China SeaAround a remote cluster of islands in the South China Sea, Indonesia is pushing back against Beijing’s expansive claims over the strategic waterway
Read more »
Japan, S. Korea protest China visa stoppage amid COVID spatTOKYO (AP) — Japan and South Korea defended public health restrictions on travelers from China on Wednesday, a day after China stopped issuing new visas in both countries in apparent retaliation. Chinese embassies stopped issuing new visas for South Koreans and Japanese on Tuesday.
Read more »
China imposes transit curbs for S.Korea, Japan in growing COVID spatChina introduced transit curbs for South Korean and Japanese nationals on Wednesday, in an escalating diplomatic spat over COVID-19 curbs that is marring the grand re-opening of the world's second-largest economy after three years of isolation.
Read more »