China Increases September Oil Imports 10% on Demand (Update1)
By Winnie Zhu
bloomberg.com
Oct. 14 (Bloomberg) -- China, the world's second-largest energy user, increased crude oil imports by 10 percent in September to meet rising demand from refineries.
Imports climbed to 15.03 million metric tons, or 3.66 million barrels a day, last month, the Beijing-based Customs General Administration of China said on its Web site today. The rate of increase compares with an 11.5 percent gain in August and a 7 percent decline in July.
Chinese oil companies are expanding refineries to meet fuel demand from the world's fastest-growing major economy. China's processing capacity increased at least 5 percent in the third quarter as the nation's two biggest oil companies, PetroChina Co. and China Petroleum & Chemical Corp., boosted capacity in Qingdao and Dalian.
Imports in the first nine months rose 8.8 percent to 135 million tons, the customs said today. The country increased crude-oil imports to 140 million tons, the customs said in a separate statement yesterday, suggesting purchases reached a record 20 million tons in September. Exports were 580,000 tons, it said today.
Crude oil imports may keep rising in the next few months as the country takes advantage of falling prices to increase stockpiles, Li Yujin, an oil analyst with China International Chemical Consulting Corp., said by telephone from Beijing.
Crude Oil Prices
Crude oil prices have fallen 44 percent from a record $147.27 a barrel reached on July 11 because of concerns the global credit crisis will damp economic growth and oil demand. Crude oil for November delivery rose 2.35 percent to $83.10 a barrel at 12:49 p.m. Singapore time.
Oil-product imports reached 2.55 million tons last month and gained 16.5 percent to 31.28 million tons in the first nine months. Fuel exports rose 3.7 percent to 12.3 million tons during January to September and stood at 1.38 million tons last month.
China, the world's largest coal producer, exported 2.08 million tons of the fuel, the customs said today. Overseas coal shipments fell by 6 percent to 35.72 million tons in the first nine months, it said, without giving imports figures.
To contact the reporter on this story: Winnie Zhu in Shanghai at wzhu4@bloomberg.net
Last Updated: October 14, 2008 01:36 EDT |
