After the latest customs statistics showed that China's Crude Oil imports reached a 15-month high in November, Brent Crude Oil Futures saw a slight increase in early Asian Trade.

As of 12:00 PM Beijing time, the February contract for Brent Crude Oil was quoted at $72.79 per barrel, up 16 cents from the settlement price on December 23, while the contract closed down 31 cents that day; the February contract for Crude Oil was quoted at $69.38 per barrel, up 14 cents from the December 23 settlement price, with a closing down of 22 cents that day.

China's Crude Oil imports in November reached a 15-month high of 11.81 million barrels per day, driven by increased refining profits and demand from independent refineries. Customs data from China indicates that imports in November increased approximately 12% both month-on-month and year-on-year, primarily due to the increase in imports from the Gulf region.

In November, China significantly increased its Crude Oil deliveries from the Gulf region—including Iraq, Saudi Arabia, the UAE, and Oman—by 35%, reaching 5.47 million barrels per day, compared to only 4.04 million barrels per day in October and 4.81 million barrels per day in the same month last year.

According to operator Akakus Oil, Crude Oil production at the Sharara Oilfield has exceeded 0.3 million barrels per day for the first time after recent exploratory drilling, reaching its highest level in over a decade.

Akakus Oil, led by Spain's Repsol and including Austria's OMV, France's Total Energy, and Norway's Equinor, plans to further increase Crude Oil production to 0.35 million barrels per day by the end of 2025.

The Sharara Oilfield set a record of 3.21 million barrels per day in 2010, but production has remained significantly below 0.3 million barrels per day since the Libyan civil war in 2011.

The expected pipeline Crude Oil Product supply to major refineries in Russia will rise to 3.8 million barrels per day (1.6 million tons) in January, a 1% month-on-month increase, as most refineries plan to complete their maintenance schedules by mid-December.

According to state news agency Belta, Crude Oil Product supplies from Russia to Belarus via the Druzhba pipeline system have resumed after a brief interruption last week.

Hungarian Foreign Minister Peter Szijjarto stated on December 22 that deliveries from Druzhba to Hungary have also resumed.

According to data from trade analysis platforms Vortexa and Kpler as well as market participants, Russia's Crude Oil Product shipments to India fell 18% month-on-month in November to 1.57 million barrels per day (6.48 million tons), the lowest level since February.

In November, the export volume of Urals Crude Oil to India decreased by 21% to 1.15 million barrels per day (4.81 million tons). Heavy sour Venezuelan Crude Oil may be replacing some of the Urals Crude Oil—around 0.115 million barrels per day (0.53 million tons) going to India, according to Vortexa data. Private refiner Reliance Industries and state-owned Indian Oil Corporation have obtained exemptions from US sanctions on Venezuelan oil, allowing them to secure cheaper supplies.

(The above content is from Argus, an independent international energy and commodity price assessment agency)