*China’s latest stats for crude imports and refinery runs indicate that both were relatively firm for November, though almost certainly not by enough to prevent a year-on-year fall in both indicators for 2024 as a whole (MEES, 20 December).
*November’s crude import figure of 11.85mn b/d was the highest this year. This boosts year-to-date volumes to 11.06mn b/d, though this is still down 250,000 b/d (2.3%) year-on-year. Add in crude output of 4.21mn b/d for November (slightly below the YTD average of 4.26mn b/d) and this implies crude supply of 16.06mn b/d, also the highest this year. However, figures from data intelligence firm Kpler indicate that a bumper 650,000 b/d of this went into storage with the country’s crude stocks ending November at a 14-month high 955mn barrels. (CONTINUED - 730 WORDS)
