On February 1st China will enter the year of the tiger. 2021 saw total Chinese crude imports at 512.98 million tonnes, down by 5.4% vs 2020’s 542.39 million tonnes, marking the first fall in imports since 2001. The decline in imports last year occurred despite an increase in refinery runs, with Chinese refinery output up 4.3% year-on-year, reaching 703.55 million tonnes.
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