China's Jan.-July Crude Oil Imports Rise 13 Percent
China demand for oil is rising!
By Wing-Gar Cheng and Ying Lou
Aug. 10 (Bloomberg) -- China, the world's largest oil consumer after the U.S., imported 13 percent more crude in the first seven months of 2006 than a year earlier because of rising energy demand.
Imports increased to 84 million tons (616 million barrels)in January to July, the Beijing-based Customs General Administration of China said on its Web site today. The nation imported 10.6 million tons last month. Oil demand in China, where the economy expanded at the fastest pace in a decade in the first half, may increase 5.5
percent next year, the International Energy Agency said July 12.
Rising energy demand and stagnating output from domestic fields means China imports about 40 percent of its oil needs. The cost of oil shipments soared 49 percent to $38.4 billion in the first seven months, customs said. The bill for July imports reached $5.2 billion, it said, without giving a comparative figure or percentage gain. Imports of refined oil products increased 21 percent to 22 million tons in the first seven months and stood at 3.7 million tons in July.
China's oil exports fell 23 percent to 3.4 million tons in the first seven months, while oil-product exports dropped 19 percent to 7.1 million tons, customs said. China exported 420,000 tons of crude oil in July and 920,000 tons of oil products.
Coal exports dropped 14 percent to 36.6 million tons in the seven months and stood at 4.5 million tons in July.The nation's economy expanded 10.9 percent in the first half of 2006 and 11.3 percent in the second quarter.
Profit from Oil and Gas! Get all the latest news here. E-mail for more info. http://OilPods.blogspot.com/
Aug. 10 (Bloomberg) -- China, the world's largest oil consumer after the U.S., imported 13 percent more crude in the first seven months of 2006 than a year earlier because of rising energy demand.
Imports increased to 84 million tons (616 million barrels)in January to July, the Beijing-based Customs General Administration of China said on its Web site today. The nation imported 10.6 million tons last month. Oil demand in China, where the economy expanded at the fastest pace in a decade in the first half, may increase 5.5
percent next year, the International Energy Agency said July 12.
Rising energy demand and stagnating output from domestic fields means China imports about 40 percent of its oil needs. The cost of oil shipments soared 49 percent to $38.4 billion in the first seven months, customs said. The bill for July imports reached $5.2 billion, it said, without giving a comparative figure or percentage gain. Imports of refined oil products increased 21 percent to 22 million tons in the first seven months and stood at 3.7 million tons in July.
China's oil exports fell 23 percent to 3.4 million tons in the first seven months, while oil-product exports dropped 19 percent to 7.1 million tons, customs said. China exported 420,000 tons of crude oil in July and 920,000 tons of oil products.
Coal exports dropped 14 percent to 36.6 million tons in the seven months and stood at 4.5 million tons in July.The nation's economy expanded 10.9 percent in the first half of 2006 and 11.3 percent in the second quarter.
Profit from Oil and Gas! Get all the latest news here. E-mail for more info. http://OilPods.blogspot.com/
posted by dragonfly3 @ 1:11 PM
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