Newsletter
Weather
Community
English home Forum Photo Gallery Features Newsletter Archive   About US Help Site Map
China
World
Opinion
Business
Sci-Edu
Culture/Life
Sports
Photos
 Services
- Newsletter
- Online Community
- China Biz Info
- News Archive
- Feedback
- Voices of Readers
- Weather Forecast
 RSS Feeds
- China 
- Business 
- World 
- Sci-Edu 
- Culture/Life 
- Sports 
- Photos 
- Most Popular 
- FM Briefings 
 Search
 About China
- China at a glance
- China in brief 2004
- Chinese history
- Constitution
- Laws & regulations
- CPC & state organs
- Ethnic minorities
- Selected Works of Deng Xiaoping

Home >> Business
UPDATED: 10:30, August 11, 2006
Crude oil imports drop to 11-month low
font size    

Domestic crude oil imports in July fell 3.9 percent from a year earlier to the lowest daily rate in 11 months, customs data showed Thursday, as plant maintenance and an apparent first-half stockbuild curbed purchases.

But the data showed refined fuel imports were near their highest so far this year in July, pointing to firm fuel demand from the world's second-largest user, which logged double-digit growth through the second quarter.

July crude imports were at 10.64 million tons, or 2.5 million barrels per day (bpd), down 3.9 percent from July 2005 and versus 2.87 million bpd in June.

Imports in the first seven months rose 12.9 percent compared with the same period of 2005, to 83.98 million tons, or 2.89 million bpd.

Many analysts had expected imports to ease in the second half as the surge in first-half imports coupled with slowly rising domestic production had far outpaced the growth in officially reported refinery runs, implying that some companies may have been stocking up on crude, analysts have said.

In April Unipec, trading arm of State oil refiner Sinopec, had offered to resell more than 8 million barrels of crude due to swollen stocks. Domestic companies have also cut back purchases of West African crude, often a good indicator of overall imports.

Refinery maintenance also limited demand, with at least two coastal refineries in turnaround last month, including a 70,000-bpd crude unit at Sinopec's Gaoqiao plant.

Source: Xinhua/Agencies


Comments on the story Comment on the story Recommend to friends Tell a friend Print friendly Version Print friendly format Save to disk Save this


   Recommendation
- Text Version
- RSS Feeds
- China Forum
- Newsletter
- People's Comment
- Most Popular
 Related News
Dic

Manufacturers, Exporters, Wholesalers - Global trade starts here.
Copyright by People's Daily Online, all rights reserved