China’s crude oil imports and oil product exports in January retreated from fresh highs in December, but were still higher from the same month last year, according to preliminary data Friday from the General Administration of Customs. The country imported 34.03 million mt of crude in January, down 6.5% from the record high of 36.38 million mt in December despite surging 27.5% on the year. The 6.5% month-on-month decrease was much smaller than the 19.6% drop in January 2016 from December 2015, indicating strong import interest last month which could even extend into February, analysts said. China’s crude oil imports kept hitting record highs in December as oil companies rushed to use up import quotas. As a result inflows in December 2015 and 2016 hit 33.19 million mt and 36.38 million mt, respectively. In contrast to January 2016, oil companies preferred to buy more before crude oil prices would […]