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China's crude oil imports hit a high in November, up 14.3%, amid lower oil prices and supply gaps.
China's crude oil imports surged 14.3% in November to 11.81 million barrels per day, the highest since April.
This increase is attributed to lower oil prices from key suppliers and filling gaps left by reduced Iranian shipments.
Despite the November spike, year-to-date imports are still down 2.1% compared to last year.
Analysts expect China's crude oil imports to peak next year as transport fuel demand begins to decline.
The significant imports suggest China is stockpiling crude amid reasonable prices, possibly to hedge against future price increases.
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