China's Jan. Crude Imports Hit Record
China's crude oil imports soared in January to a monthly record, but overseas oil product purchases fell as state refiners relied on peak domestic output to meet pre-holiday demand, official customs data showed.
The data, released on Monday, echoed market expectations for a tepid start to 2006 as the world's second-largest oil user continued to shun costly imports after a surprisingly weak 2005 when consumption barely rose.
Crude imports in January rose 69.2 percent from a year earlier to 13.23 million tonnes (3.1 million barrels per day), 22 percent above the 2.54 million bpd average import rate in 2005.
( Full story here )
The data, released on Monday, echoed market expectations for a tepid start to 2006 as the world's second-largest oil user continued to shun costly imports after a surprisingly weak 2005 when consumption barely rose.
Crude imports in January rose 69.2 percent from a year earlier to 13.23 million tonnes (3.1 million barrels per day), 22 percent above the 2.54 million bpd average import rate in 2005.
( Full story here )
posted by Oil Shock at 2/27/2006 06:38:00 PM
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