China's crude oil imports in November rose 3.9% due to new import quotas

China's crude throughput increased 3.9% in November according to?data from the statistics bureau on Monday. This was due to a new batch of quotas for crude oil imports by?independent refining companies?to offset maintenance at certain state-owned refineries.

The largest oil producer in the world processed 60.83 millions metric tons of crude oil during this month. This is equivalent to 14.86million barrels per day.

This was a slight increase from the 14.94 million bpd in October.

MuyuXu, senior analyst for crude oil at Kpler, stated that in November, about 1.2 million bpd of refining capacity went offline due to maintenance. This impacted the?throughput. Xu stated that independent refiners' run rates increased to a record high of 64% for 'this year after they received a new import quota.

We expect that December's throughput will remain stable compared to November, as refineries owned by the state continue their maintenance, while teapots increase run rates.

Teapots, or independent refiners, are also known as teapots.

From January to November, crude oil production was 675.07 millions tons. This is a 4% increase from the previous year.

Statistics Bureau data showed that China's crude production in November increased by 2.2% compared to a year earlier.

In the first 11 months of the current year, the output was 198.25 millions tons. This represents a 1.7% increase. In November, natural gas production increased 5.7% from the previous year to 21.9 billion cube meters (bcm). The output to the end November was 238,9 bcm. This is an increase of 6.3%.

(source: Reuters)