April 10, 2010, 12:56 AM EDT
April 10 -- China, the world’s second-biggest energy consumer, increased March crude oil imports by 29 percent from a year earlier and remained a net importer of fuel as the country’s economic recovery drove demand.
Crude imports reached 21.1 million metric tons, or 4.98 million barrels a day, preliminary data released by the General Administration of Customs showed today. Net imports were 20.8 million tons, second only to December’s record 20.9 million tons.
Exports of Chinese-made goods rose 24.3 percent in March, spurring fuel consumption by factories. China may post a new all-time high for crude imports this year as a resurgent economy drives fuel-demand growth, an estimate from China National Petroleum Corp. showed on Feb. 4.
“China may refine a record volume of crude oil in April because of high fuel demand during the spring farming season, and the general recovery in the economy,” Qiu Xiaofeng, an oil analyst with China Merchants Securities Ltd., said by telephone from Shanghai. “How demand will trend from here depends on when and by how much the government adjusts fuel prices,” he said.
China relied on imports for more than half its crude oil needs last year as a demand recovery outpaced growth in domestic output. The economy, which expanded at the fastest pace in the fourth quarter since 2007, will grow four times faster than the U.S. in 2010, the United Nations said in December.
Fuel Imports
Imports of oil products including gasoline and diesel reached 3.22 million tons in March while exports totaled 2.64 million tons. The nation turned a net exporter of oil products in December and January as refineries, running at high rates, produced more fuel than needed.
China may see an oversupply of oil products this year as the country adds an estimated 31.5 million tons a year of refining capacity, CNPC said on Feb. 4. Oil-processing rates are expected to remain high as refiners take advantage of the fuel- pricing mechanism introduced by the government in December 2008 that guarantees them a profit, China’s largest oil company said.
The world’s biggest producer of coal exported 2.26 million tons of the resource last month. The customs department didn’t provide coal import numbers in today’s release.
--Huang Zhe, Chua Baizhen in Beijing. Editors: Alex Devine, Jim McDonald.
Source: http://www.businessweek.com/news/2010-04-10/china-boosts-oil-imports-29-remains-net-fuel-buyer-update1-.html
April 10 -- China, the world’s second-biggest energy consumer, increased March crude oil imports by 29 percent from a year earlier and remained a net importer of fuel as the country’s economic recovery drove demand.
Crude imports reached 21.1 million metric tons, or 4.98 million barrels a day, preliminary data released by the General Administration of Customs showed today. Net imports were 20.8 million tons, second only to December’s record 20.9 million tons.
Exports of Chinese-made goods rose 24.3 percent in March, spurring fuel consumption by factories. China may post a new all-time high for crude imports this year as a resurgent economy drives fuel-demand growth, an estimate from China National Petroleum Corp. showed on Feb. 4.
“China may refine a record volume of crude oil in April because of high fuel demand during the spring farming season, and the general recovery in the economy,” Qiu Xiaofeng, an oil analyst with China Merchants Securities Ltd., said by telephone from Shanghai. “How demand will trend from here depends on when and by how much the government adjusts fuel prices,” he said.
China relied on imports for more than half its crude oil needs last year as a demand recovery outpaced growth in domestic output. The economy, which expanded at the fastest pace in the fourth quarter since 2007, will grow four times faster than the U.S. in 2010, the United Nations said in December.
Fuel Imports
Imports of oil products including gasoline and diesel reached 3.22 million tons in March while exports totaled 2.64 million tons. The nation turned a net exporter of oil products in December and January as refineries, running at high rates, produced more fuel than needed.
China may see an oversupply of oil products this year as the country adds an estimated 31.5 million tons a year of refining capacity, CNPC said on Feb. 4. Oil-processing rates are expected to remain high as refiners take advantage of the fuel- pricing mechanism introduced by the government in December 2008 that guarantees them a profit, China’s largest oil company said.
The world’s biggest producer of coal exported 2.26 million tons of the resource last month. The customs department didn’t provide coal import numbers in today’s release.
--Huang Zhe, Chua Baizhen in Beijing. Editors: Alex Devine, Jim McDonald.
Source: http://www.businessweek.com/news/2010-04-10/china-boosts-oil-imports-29-remains-net-fuel-buyer-update1-.html
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