China January crude oil imports lift

Reuters

BEIJING - China's crude oil imports in January rose 27 per cent 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.

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 four per cent last month, according to a monthly Reuters poll.

China, the world's second-largest oil user and crude importer, wrapped up 2010 with a record incremental demand increase of nearly one million bpd and record incremental crude purchases of 710,000 bpd.

Crude imports last year grew 17.5 per cent 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 per cent lower than in December, the data showed.

Analysts have predicted that China will log growth of five to seven per cent in total oil demand this year, around half the 2010 pace but still the fastest among major consuming countries.

(Source: http://www.businessspectator.com.au/bs.nsf/Article/UPDATE-1-China-Jan-crude-oil-imports-up-27-pct-on--E3845?opendocument&src=rss)