2024 crude oil imports 11.04 mln bpd, down 1.9 vs 2023
Crude oil demand drops amid plant closures, electrification
2024 refined fuel product exports down 7.2 vs 2023
2024 natgas imports hit new high, 9.9 vs 2023

Jan 13 Reuters China39;s crude oil imports fell 1.9 in 2024, data showed on Monday, the first annual decline in two decades outside of pandemicinduced falls, as tepid economic growth and peaking fuel demand dampened purchases.

Imports totalled 553.4 million metric tons, equivalent to 11.04 million barrels per day bpd, according to data from the General Administration of Customs. That compared with 202339;s record 11.28 million bpd.

Imports in December fell to 47.84 million tons, or 11.27 million bpd, from 11.81 million bpd in November and 11.39 million bpd in December 2023.

China in 2024 was a let down with the market expecting steady to stronger growth from 2023. Deflationary pressures and transport electrification dampened growth, said Emril Jamil, senior analyst with LSEG ahead of the data release.

China39;s demand for key transportation fuels barely grew in 2024, as rapid electrification of its vehicle fleet displaced gasoline while a property sector crisis and lacklustre merchandise exports crimped demand for diesel.

Analysts said China39;s demand for fuels, except those used as petrochemical feedstocks, peaked in 2023, as growth in aviation fuel failed to make up for the falls in gasoline and diesel.

Depressed fuel demand and narrowing refining…