China’s crude oil imports reach record high in April
In April, meanwhile, the country’s crude imports reportedly reached a record high of 7.37 million barrels per day (bpd), which surpassed the imports made by the US for the first time.
By 2020, China is expected to increase its net crude imports by 5.9% to 8.68 million bpd while according to a report by BP, China’s dependence on oil imports will rise to 75% by 2035 which will make China the world’s biggest energy imports. The report also stated that the share of coal in China’s energy market will decline to 51% from 68% by 2035 while the shares of natural gas and oil will rise to 12% and 18%, respectively by that year.
Meanwhile, according to data released by China’s General Administration of Customs, China’s propylene and butadiene imports declined 17.5% and 24.9%, respectively while the country’s ethylene imports climbed 31% to 143,497 tons in April from 109,584 tons in the previous month.
On a yearly basis, however, ethylene imports declined 8.6% while propylene imports were down 10.3% to 228,562 tons from 254,762 tons in the same month of 2014. Imports for butadiene reportedly soared 74.4% on the year to reach 28,925 tons in April.
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