China's crude oil stockpile rises 1.3%

BEIJING - China's commercial crude oil stocks rose 1.3 percent in January from the previous month, while stocks of refined oil went up 5.3 percent.

The increase was a result of increased imports and dampened fuel demand in winter.

Net import of crude oil exceeded 40 million tons in January, hitting a record high.

Gasoline demand was moderate, while net exports fell 19.1 percent month-on-month.

Diesel consumption plunged as projects were called to a halt due to the snowy weather and the Spring Festival holiday. Net diesel exports dropped 35.8 percent in January.

Data from the National Bureau of Statistics show China's output of crude oil came in at 190 million tons last year, down 4 percent from a year earlier.