China`s Crude-Oil Imports Raced to Record in July
China`s crude-oil imports raced to a record in July, up 42% from last year`s weak base, while refiners raised output to their highest yet as stimulus measures stoked demand in the world`s No. 2 consumer.
Although some of the increased gasoline and diesel production is being sold overseas, or pumped into domestic depots, swelling fuel stocks at home, the raft of data painted a distinctly bullish picture for oil markets that have already doubled since February on hopes of recovering global demand.
"We believe the July [crude imports] figure is not a fluke, nor is it driven by artificial strategic petroleum purchases..." said analyst Gordon Kwan of Mirae Asset Securties. "The record number is driven by strong fuel demand and commercial restocking."
China, which has effectively overtaken Japan as the world`s No. 2 crude buyer, imported 19.63 million tonnes, or 4.62 million bpd, last month, up 14% from June and easily surpassing the previous record high in March 2008 of 4.07 million bpd, preliminary data on the General Administration of Customs website, www. customs.gov.cn,showed yesterday. The 42% surge in July imports from last year, the fastest rise since January 2006, was stronger than data last week showing a 25% leap in seaborne imports alone.
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