Mon Feb 14, 2011 5:08am GMT_Print | Single Page [-] Text [+]
*Jan crude imports +27 pct on yr at 5.13 mln bpd
*Jan imports fourth highest on record on daily basis
*Jan net fuel imports -17 pct vs Dec
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BEIJING, Feb 14 (Reuters) - China's crude oil imports in January rose 27 percent from the year-ago level, preliminary trade data showed, as refiners showed a burst of production ahead of the Lunar New Year holidays.
China brought in 21.8 million tonnes of crude last month, or 5.13 million barrels per day, the General Administration of Customs said on its website www.customs.gov.cn.
The rate, the fourth highest on record on a daily basis, compared with December's 4.91 million bpd and stood 1.1 million bpd above the same month in 2010.
The higher imports were made as China's top oil plants raised their operations by about 4 percent last month, according to a monthly Reuters poll. [ID:nTOE70505D]
China, the world's second-largest oil user and crude importer, wrapped up 2010 with a record incremental demand increase of nearly 1 million bpd and record incremental crude purchases of 710,000 bpd.
Crude imports last year grew 17.5 percent to 4.79 million bpd.
China remained a net importer of refined fuel in January, with net fuel imports at 1.71 million tonnes, 17 percent lower than in December, the data showed.
(For a table of china's preliminary January commodity trade data:[ID:nEAP307115])
Analysts have predicted that China will log growth of 5-7 percent in total oil demand this year, around half the 2010 pace but still the fastest among major consuming countries. [ID:nTOE70G05Z] (Reporting by Chen Aizhu and Jim Bai; Editing by Ken Wills)
makes you wonder in this finance war,if dollar gets weaker and credit slips, china could purchase oil market ,i'm sure saudis wouldn't mind,leave us high and dry or at least thirsty,bring us to our knees, or do we have enough of our own,and for how long
