OREANDA-NEWS. January 30, 2015. China's total available crude supply significantly exceeded refinery throughput in December, suggesting 915,000 b/d of crude oil was added to storage during the month, although the total stockbuild during 2014 averaged just over 300,000 b/d, Platts calculations based on recently released government data showed.

The stockbuild in December was the third highest for the month in 2014 and also jumped from 194,000 b/d in November. The level of stocks held by refiners in China is not disclosed. Platts calculates China's net crude stock draw or build by subtracting refinery throughput from the country's crude oil supply in a given month.

The latter volume takes into account net imports and domestic production of crude.

China imported a record 7.18 million b/d of crude oil in December, which was also up 15.7% from November, according to data released January 13 by the General Administration of Customs.

Taking into account some exports, net crude imports advanced 12.5% year on year last month to 7.12 million b/d, also a record high.

Refinery throughput in December climbed 6.3% year on year to 10.54 million b/d, which was also the highest volume to date, according to figures from the National Bureau of Statistics released.

Crude production during the month rose 2.1% to 4.33 million b/d.

The December stockbuild was the highest since April, which saw some 1.29 million b/d of crude added to storage.