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China's crude oil imports rise to a record 6.63 million bpd

12 Feb 2014
China’s crude oil imports have risen to a record 6.63 million barrels per day. This is an 11.9% increase in January from a year earlier.

Despite this apparent increase, the top two state refiners Sinopec and PetroChina were set to process 1.9% less oil in January than in December.

This suggests that some of the imports may have gone straight into storage, and this cannot be confirmed until official data is released by China in March.