China National Petroleum Corporation’s Economics and Technology Research Institute (ETRI) released its annual industry outlook on Monday.
Reuters report that key forecasts include:
- China’s crude oil imports will average 10.8 million barrels per day (bpd) in 2023, matching the previous record high from 2020
- Imports will rise 6.2% from last year to 540 million tonnes
- refinery processing will gain 7.8% to 733 million tonnes, equivalent to 14.66 million bpd
Reuters adds that
- the ETRI forecast for crude oil imports to rise by 630,000 bpd in 2023, is below the 900,000 bpd expected by the International Energy Agency, but above estimates from some analysts, such as Wood Mackenzie and S&P Global Commodity Insights
The Reuters piece is interesting and has much more, link here if you are interested.
