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China’s Oil Imports Are Most World’s Ever Seen And Still Growing

TOPSHOT-CHINA-TRADE

Source: AFP via Getty Images

China is breaking records for crude oil imports and isn’t likely to stop soon as new refineries ramp up and hopes grow that the easing of trade tensions with the U.S. will bolster the economy.

Even as economic expansion has slowed, the pace of growth still requires ever more oil. China imported an unprecedented 11.18 million barrels a day in November, which surpassed the U.S. high-water mark of 10.77 million set in June 2005. China’s purchases will probably continue to rise into next year as new refineries in Zhejiang and Zhanjiang increase runs, and as a widely anticipated tax rebate boosts domestic production of marine fuel.