China records its highest ever crude oil imports in November at 27.3 mn tons

The decline in US shale oil production plays an important role in medium and long term appraisal of oil prices as there still strong level of global oil demand. China recorded highest ever imports in November, at 27.3mn tons.

Throughout the year's first 11 months, China imported only 9% more crude oil compared to last year's same period, summing up to 302 million tons.

"Admittedly, the high crude oil imports are not only due to increased gasoline demand but also to high diesel exports and the expansion of strategic reserves. All the same, these factors will also remain in place next year and are likely to lend support to the price rise", says Commerzbank.