China's crude oil imports hit a record high on a daily basis in November, as refiners operated at high run rates to use up annual import quotas.
The world's top oil buyer imported 45.74 million ton of crude, equivalent to 11.13 million barrels per day (bpd), according to data released by the General Administration of Customs on Sunday.
That compared with 10.72 million bpd (MMbbl/d)in October and 9.61 MMbbl/d in November last year.
For the first 11 months of 2019, China brought in a total of 461.88 million ton, or 10.09 MMbbl/d, up 10.4% from the same period last year, the data showed.
As the year draws to a close, private refineries, known as teapot refiners, are ramping up output to use up their crude import quotas for the year in order to be able to apply for more quotas next year.
State-backed oil refiners, meanwhile, have maintained stable throughput levels.
Looking ahead, Sinopec's Maoming refining plant has scheduled an overhaul in December, but two mega-refineries - Zhejiang Petrochemicals and Sinopec's Zhanjiang refinery - are expected to start purchasing more crude in December to prepare for a ramp-up in their operations.
Customs data showed that China sold 7.31 million tons of refined oil products overseas in November, up 63.5% from a year earlier.
Exports for the first 11 months were 60.22 million tons, up 14.2% from the same period last year.
Total natural gas imports, including liquefied natural gas (LNG) and pipeline, in November rose 3.3% from the same period last year to 9.45 million tonnes, customs data showed.
In the period of January-November, natural gas imports reached 87.11 million tons, up 7.4% from same period last year.
On Monday, Russia started to transport pipeline gas from Siberia to northeastern China.
Houston, Texas-based Halliburton said it would boost its dividend to 12 cents, payable on March 23, up from a 4.5 cents dividend previously.
"It's by no means a way to say that we shouldn't pursue transition or slow it down," Peter Martin, WoodMac's chief economist, said. "This pain in the short-term will pay off in the long-term."
The hearing of officials from Exxon Mobil, Shell, Chevron and BP, scheduled for Feb. 8, is the next phase of the House oversight committee’s ongoing investigation into the role of fossil fuel companies.