August 14, 2006

China’s refined oil imports rise by almost 50 per cent in first half of 2006

Shanghai, China – China’s net import of crude oil rose to 70.33 million tons, or about 2.9 million barrels per day in the first six months of 2006, according to a report from the Green Car Congress. Refined oil products rose to 12.03 million tons, or about 500,000 barrels per day; the numbers represent an increase of 17.6 per cent in imported crude and 48.3 per cent in refined products over the same period in 2005.

According to the Department of Statistics, China imported 73.33 million tons of crude oil and exported three million tons in the first half of 2006; it imported 18.23 million tons of refined oil and exported 6.2 million tons. Angola, Saudi Arabia, Iran and Russia are the top four oil suppliers to the country. During the period, China produced 91.66 million tons of crude, or about 3.7 million barrels per day, up by 2.1 per cent over 2005, and 84.82 million tons of refined products, or 3.5 million barrels per day, an increase of 5.6 percent, according to the China Petroleum and Chemical Industry Association. The surging demand for oil is believed to be tied to the rapid growth of the country’s economy and its booming automobile ownership.

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