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China’s Crude Imports Rise 17.6% in First Half of 2006; Refined Product Imports Up 48.3%
12 August 2006
People’s Daily. China’s net import of crude oil rose to 70.33 million tons (about 2.9 million barrels per day) and of refined oil products to 12.03 million tons (about 500,000 barrels per day) in the first half of the year, according to the country’s General Administration of Customs.
That represents an increase of 17.6% in imported crude, and 48.3% in product, year-on-year.
China imported 73.33 million tons of crude oil and exported 3 million tons in the first half of 2006, said Zhang Bingzheng, a statistical analyst under the department of statistics of China Customs, at an industrial forum held in Taiyuan, capital of north China’s Shanxi Province.
As for the refined oil, the country imported 18.23 million tons and exported 6.2 million tons in the January-June period, Zhang said.
Angola, Saudi Arabia, Iran, and Russia are the top four oil suppliers of the country in the first half year, said Zhang.
China produced 91.66 million tons (3.7 million barrels per day) of crude domestically , up by 2.1% over the same period last year, and 84.82 million tons (3.5 million barrels per day) of refined products, representing a year-on-year increase of 5.6% in the first half of the year, according to the China Petroleum and Chemical Industry Association.
The rapid growth of Chinese economy as well as its booming auto ownership contributes to the surging demand for oil in the country, said experts. According to data released by the National Bureau of Statistics, China’s GDP surged a year-on-year 10.9 percent in the first half of 2006, 0.9 percent higher than the same period of 2005.
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