China Crude Imports Rise to Record High as New Refineries Start

China, which consumes more oil than any country except the U.S., boosted net crude imports to a record high last month as two new refineries prepared to begin operations.

Overseas crude purchases exceeded exports by 26.69 million metric tons in December, according to data released on the website of the General Administration of Customs in Beijing today. That’s equivalent to 6.31 million barrels a day, 13 percent higher than the same month in 2012 and up 10 percent from November.