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China's crude oil import up 7.4% in Jan

Feb. 13, 2012 (China Knowledge) - China, the world's second-largest oil consumer after the U.S., imported 23.41 million metric tons of crude oil in January 2012, 7.4% more than 21.8 million metric tons in the same month of 2011, according to the latest statistics released by the General Administration of Customs.

Last month, the country's crude oil import also increased 6.8% from 21.92 million metric tons in December 2011.

Daily crude oil import for January 2012 increased to 5.54 million barrels, principally boosted by operation of more refineries and increased oil imports from Saudi Arabia, said analysts, adding that China imported about 100,000 barrels more crude oil per day from Saudi Arabia in the past few months.

China imported 2.95 million metric tons of refined oil in January 2012, and the country's refined oil export totaled 1.86 million metric tons last month.

In 2012, China is expected to import 266 million metric tons of crude oil, equivalent to 5.34 million barrels per day, up 4.8% from a year earlier, according to a research institute controlled by China National Petroleum Corp or CNPC, the parent co of PetroChina Co Ltd<601857><0857>.

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