The Year of the Tiger
On February 1st China entered the year of the tiger. 2021 saw total Chinese crude imports at 512.98 million tonnes, down by 5.4% vs 2020's 542.39 million tonnes, marking the first fall in imports since 2001. The decline in imports last year occurred despite an increase in refinery runs, with Chinese refinery output up 4.3% year-on-year, reaching 703.55 million tonnes. Nonetheless, lower refining runs were seen towards the end of the year, as mobility restrictions and “Zero Covid” policies reduced demand for products and thus refinery throughput. Heading into New Year, China is facing multiple challenges in its petroleum sector, ranging from the energy transition, refining policy and the demand outlook. All of which may reshape China's prominent role in the oil and tanker markets.
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