China’s oil imports in November rose by 5% year on year, defying forecasts of weakening demand growth. FGE NexantECA revised China’s October demand down by 570,000 barrels daily. However, forecasts predict a rebound in Asian oil demand next year, with China expected to boost oil purchases due to stockpiling efforts. China’s oil storage capacity is 2 billion barrels, with current storage above 1.5 billion barrels. Forecasts predict China’s oil imports to remain flat next year at 11.4 million barrels daily. China has been stockpiling crude at a rate of 1 million barrels daily and plans to build 11 new storage sites with 169 million barrels capacity. Despite concerns over global oil demand growth, the International Energy Agency revised demand projections higher, leading to a decrease in projected oil glut.

Read more at Yahoo Finance: China Upends the Weak Oil-Demand Narrative