Chinese refiners ready for (Lunar) New Year.

摘要

To prepare for the celebration of the incoming year of the Rooster (starting Jan. 28), China hit new record highs for crude imports, crude throughputs and product exports in Dec.—not only on a monthly basis, but for 2016 as a whole as well. According to the country's General Administration of Customs, China imported a record 36.28MM mt, or 8.57MM b/d last month. The volume was up 9% on the month and significandy higher than the previous record of 8.04MM b/d. For 2016 as a whole, crude imports of 381MM mt (7.65MM b/d) were also a record, while the increase from 2015—of 13.6%, or 912K b/d— was a record for year-on-year growth. Despite Beijing's recent decision to deny independent teapot refineries the right to continue exporting products, some sources expect that the indie refiners will continue to help drive crude import growth. According to SIA Energy researcher Seng Yick Tee, China's crude imports are likely to rise by 600K b/d in 2017, with the teapots accounting for two thirds of the growdx Others saw growth slowing more significandy; state-owned CNPC estimates that crude imports will rise by 350K b/d in 2017.