China imports fall from record high by 20% in January

January crude oil imports indicated that they were also down 4.6 per cent on a year earlier at 26.69 million tonnes, or 6.29 million barrels per day.

China took the gain of low global oil prices last year to add up to 185 million barrels to its reserves, while oil demand – refinery throughput plus net imports of oil products  grew 3.1 per cent.

In January, fuel exports rose 45.2 per cent to 3.01 million tonnes, or 679,700 bpd, after hitting a record 975,500 bpd in December, as China continued to export more diesel amid weakening demand for the industrial fuel.

Industry sources have said diesel exports in the first quarter of 2016 may high a record that period, flooding Asia with supply at a time when profit margins are close to six-year lows.

Net fuel exports were 350,000 tonnes in January.