Crude imports to rise, with refiners stocking up as prices remain low

Consultancy predicts 4.3% increase in Q1 DU JUAN

China's crude imports will grow 4.3 percent year-on-year to some 78 million metric tons during the first quarter of the year as prices remain low, according to a report released by ICIS C1 Energy, a Shanghai energy information consultancy.

Oil companies tend to stock up oil inventories when global prices are low, said ICIS C1, and with the cost of oil dropping more than 55 percent to below $50 a barrel since June, the conditions are right for Chinese companies to buy.