China Oil, Coal Buying Seen Sustained as Local Supplies Drop
- Falling oil output, higher refining may support crude imports
- Coal imports may continue to rise to fill gap in supply
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China’s appetite for foreign energy is as strong as ever.
Growing demand from oil refiners and the continued filling of strategic crude reserves in the face of domestic production declines will support crude buying by the world’s second-largest consumer, according to analysts from Energy Aspects Ltd. and ICIS China. Coal imports will continue to rise to help fill a supply gap left by a mining slowdown.