China’s oil imports hit record

SHANGHAI – China’s oil imports surged to a record 17,3 million tonnes in March, the government reported Friday, as the country nearly overtook Japan as the world’s second-largest buyer of foreign crude oil.

The 17,3 million metric tonnes imported in March were equivalent to just over four million barrels a day, according to calculations based on data from China’s Customs Administration. China imports nearly half of the oil it uses.The United States, which imports about 10 million barrels of oil a day, remains by far the biggest consumer of imported oil.Japan imported about 4,4 million barrels of oil a day in February, based on data from the country’s Natural Resources and Energy Agency.China’s oil imports in the first quarter of this year rose 15 per cent from a year earlier, to 45,5 million tonnes, the customs data showed.The value of those imports jumped 91 per cent, year-on-year, to US$30 billion, as the price of crude oil surged, the customs office said.An unexpected decline in US crude and gasoline inventories drove oil prices to a trading record of US$112,21 a barrel on Wednesday.Crude futures held well above US$100 a barrel for most of March as a weak dollar prompted investors to buy hard commodities such as oil and gold as a hedge against inflation.China’s big state-owned energy companies have been buying up assets and expanding cooperation overseas as the country stretches to meet surging demand to fuel the booming economy, which expanded by nearly 12 per cent last year.Nampa-APChina imports nearly half of the oil it uses.The United States, which imports about 10 million barrels of oil a day, remains by far the biggest consumer of imported oil.Japan imported about 4,4 million barrels of oil a day in February, based on data from the country’s Natural Resources and Energy Agency.China’s oil imports in the first quarter of this year rose 15 per cent from a year earlier, to 45,5 million tonnes, the customs data showed.The value of those imports jumped 91 per cent, year-on-year, to US$30 billion, as the price of crude oil surged, the customs office said.An unexpected decline in US crude and gasoline inventories drove oil prices to a trading record of US$112,21 a barrel on Wednesday.Crude futures held well above US$100 a barrel for most of March as a weak dollar prompted investors to buy hard commodities such as oil and gold as a hedge against inflation.China’s big state-owned energy companies have been buying up assets and expanding cooperation overseas as the country stretches to meet surging demand to fuel the booming economy, which expanded by nearly 12 per cent last year.Nampa-AP

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