In the first five months this
year, China's net oil import roared to 65.83 million tons, an increase of 11.5
percent from the same period last year. At the same time, China produced 77.51
million tons of oil, a 1.7 percent rise year-on-year.
Customs statistics show that from January to May, China imported 67.43
million tons of crude oil, up 9.6 percent year-on-year. Meanwhile, it exported
1.6 million tons, down 36.6 percent.
May, China imported 12.97 million tons of crude oil, which was less than 13.86
million tons in March, and 14.82 million tons in April. The country exported
520,000 tons oil last month, and the net imported amount of crude-oil in May was
12.45 million tons.
An analyst from China Petroleum and Chemical Corporation said the rapid
economic growth, especially the booming crude-oil processing industry, led to
the surging demand for oil. And China imposed a five percent tax on oil exports,
which is the major reason for the significant decrease of oil exports.
From January to May this year, in terms of oil products, China imported a
total of 14.97 million tons, an increase of 4.5 percent year-on-year, and it
exported 6.47 million tons, a 22.2 percent increase. Its net import of oil
products was 8.32 million tons, dropping 6 percent from the same period last
In May, China imported 3.17 million tons of oil products and exported 1.22
million tons, with a net import of 1.95 million tons.
The increase of oil product exports was driven by an increasing number of new
oil refineries and comparative higher international prices of oil products. The
historical high prices of petroleum and naphtha in the Asian markets also led to
the export increase.
Statistics from the National Bureau of Statistics show that China produced
77.51 million tons of crude oil in the first five months this year, an increase
of 1.7 percent year-on-year. And in May, the oil output reached 16.06 million
tons, up 2 percent year-on-year.
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