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| China-Japan-Koreas |
| China's net import of crude oil up 17.6 percent year on year in first half |
| 2006-08-13 |
| China's net import of crude oil rose to 70.33 million tons and refined oil products, 12.03 million tons, in the first half of the year, said an official with China's General Administration of Customs on Friday. China imported 73.33 million tons of crude oil and exported 3 million tons in the first half of 2006, said Zhang Bingzheng, a statistical analyst under the department of statistics of China Customs, at an industrial forum held in Taiyuan, capital of north China's Shanxi Province. Angola, Saudi Arabia, Iran, and Russia are the top four oil suppliers of the country in the first half year, said Zhang. As for the refined oil, the country imported 18.23 million tons and exported 6.2 million tons in the January-June period, Zhang said. According to him, China's net import of crude oil cost the country 32 billion U.S. dollars and refined oil products, 4.37 billion dollars. The net import of crude oil and refined oil of the country rose by 17.6 percent and 48.3 percent year on year, respectively. In the meantime, China produced 91.66 million tons of crude, up by 2.1 percent over the same period last year, and 84.82 million tons of refined oil, representing a year-on-year increase of 5.6 percent, in the first half, showed the statistics from the China Petroleum and Chemical Industry Association. Both hit the new high of production record, compared with figures for past years. The rapid growth of Chinese economy as well as its booming auto ownership contributes to the surging demand for oil in the country, said experts. According to data released by the National Bureau of Statistics, China's GDP surged a year-on-year 10.9 percent in the first half of 2006, 0.9 percent higher than the same period of 2005. |
| Posted by:ed |
| #5 Why so much growth? Here's your answer: China‘s automobile sales surged by 26.71 percent in the first half of the year to reach 3.53 million units, according to figures released Friday by the China Association of Automobile Manufacturers. China is moving away from oil as a feedstock for its power plants. Nuclear, hydro and coal are replacing oil. As a result, the primary driver of oil consumption growth is becoming motor vehicles. It's not just cars. Hundreds of millions of Chinese still ride bicycles to work. They are moving up to motorcycles* and Chinese ripoffs of the Italian Vespa design (I love their looks). That's another part of where the growth in gasoline consumption is coming from. For example, a motorcyclist commuting a few miles to work might spend just over 100 yuan a month. That's affordable even on a salary of 800 yuan ($100) a month, which is why many Chinese are moving up to motor bikes. Most Chinese live with their parents until they get married, and some continue to live with them after they get married, so the low salaries are not an impediment to owning a motor vehicle. Food is typically half the price of the equivalent in the US, and rents can be as low as 100 yuan ($12.50) a month for a one bedroom in the sticks just fifteen miles away from the town center. * Motorcyclists are moving up to cars. |
| Posted by: Zhang Fei 2006-08-13 22:03 |
| #4 robably becuase they stopped filling reserves when went prices went over $50. They may well have decided to start filling the reserve again. Had to build up some more capital from their Walmart sales. |
| Posted by: Uleter Glemble2673 2006-08-13 19:28 |
| #3 About a year ago, China's oil imports fell sharply. Probably becuase they stopped filling reserves when went prices went over $50. They may well have decided to start filling the reserve again. |
| Posted by: phil_b 2006-08-13 17:31 |
| #2 I think you've got it. They have been building up ultimately to 90-day stocks. I don't think they are there yet even with this. |
| Posted by: Cluck Glulet6232 2006-08-13 15:20 |
| #1 17.6% increase in one year is hardly believable. They must have been understating previous year, or are understating re-exports, or something. I know their economy is growing fast, but I don't see they've added enough consumption capacity to explain these numbers. Perhaps they've built and are filling some serious strategic petroleum reserve? To insure against sea blockade until they get their land pipelines to Iran and central Asia complete? |
| Posted by: Glenmore 2006-08-13 12:02 |