Oil imports up 19%
14 June 2006
Crude oil imports rose sharply in May due to increasing demand from refiners and a low base in the corresponding month last year, customs figures show. China imported 12.39 million tons of crude last month, or 2.93 million barrels per day, up 19% on May 2005. In April imports fell 1.8% from a year earlier to 12 million tons. Part of the huge May increase can be blamed on low May 2005 imports, but analysts said the government's move to raise gasoline and fuel prices may have played a part. The figures come as a Development Research Center report called for more cooperation with China's energy-trading partners and acknowledged China's "interdependence" with international oil markets. The government agency report said energy security depends on closer integration.