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China’s 1H 2006 Petroleum Imports up 15.6%

19 July 2006

People’s Daily. China’s petroleum imports rose 15.6% to 73.33 million tons (579 million barrels) of crude oil in the first half of 2006 from the year before, according to the National Bureau of Statistics (NBS).

The imports of refined oil products reached 18.23 million tons, up 16.1 percent from the same period of last year.

According to statistics of the General Administration of Customs, the average price of imported crude oil in the first six months is US$452.9 per ton, up 33% year on year, and the average price of imported refined oil products is US$423.3 per ton, up 48%.

China spent about US$40.9 billion to import petroleum in the first half year of 2006.

While the imports of petroleum experienced sharp rise, China saw its exports of petroleum drop by a large margin in the first six months. China exported three million tons of crude oil, 17% lower than the same period of last year and exported 6.2 million tons of refined oil products, dropping 18.3%.

Despite the increase in imports, China’s consumption of crude oil and refined oil products dropped by 0.5% year on year.

July 19, 2006 in China, Oil | Permalink | Comments (3) | TrackBack (0)

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Comments

I see the silver lining on this cloud. Despite OPEC's efforts to try to keep prices in check so they don't lose market share to emerging technologies; further demand from China will keep prices high enough for emerging and more sustainable technologies to have a chance. Since we are unlikely to raise taxes on oil in the US and consumers here are not responsible enough to make wise decisions the Chinese will help us to move towards more efficiency.

Of course all other petroleum based products will also rise in price unfortunately but it is a price we have to pay for our collective choices over the years.

They must be building up their strategic reserves. Lower exports might mean North Korea is not getting some. It might also mean that Mongolia has switched sources for refined/crude oil.

The logic is lower consumption and exports, but higher imports. Where is the excess going? It may be going to various govt. and private stocks. Additionally, with the announced creation of a PRC version of SPR, they are naturally stocking it with oil.

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