Qingdao Becomes China’s Largest Port of Crude Oil Imports

China imported around 120 million tons of crude oil through ports in Shandong in 2016, soaring 57% YoY, with volume and growth both hitting new record highs. However, import prices averaged at RMB1 986/t, falling 17.6% YoY, the lowest price since 2004.
Crude oil imports through Qingdao port reached a record high, totaling 56.05 million tons, supporting nearly half of Shandong’s total import volume of crude oil and nearly one seventh of the nation’s total. At present, Qingdao port has become the largest port of crude oil imports in China.