Mumbai, Feb. 12 -- The US Energy Information Administration or EIA stated in a latest update that slower oil demand growth in 2024 led to less crude oil processed by China's refineries and fewer crude oil imports compared with the record high set in 2023. China, the world's largest importer of crude oil, received 11.1 million barrels per day (b/d) in 2024, down from 11.3 million b/d in 2023. Even though total imports decreased about 2%, imports from some countries increased while others decreased.
EIA estimates that 16.3 million b/d of petroleum and other liquid fuels were consumed in China last year, second only to the United States globally. China's domestic crude oil production averaged 4.3 million b/d in 2024, so the country had to imp...