Chinese oil import up 8.5% - PIW

Published:

16 December 2011 08:59

Updated:

16 December 2011 09:00

Petroleum Intelligence Weekly reports that crude imports jumped to 5.37 mbd (million barrels per day) in November, their second-highest level ever, and up 8.5% year-on-year, according to the latest government data. November imports were also up 9.1% from the 5.08 mbd seen in October. The country is experiencing a serious diesel shortage, due to a combination of strong demand and heavy refinery maintenance, although refinery runs did ramp up to 9.25 mbd in November, a 3.2% year-on-year increase. The jump in imports was also partly due to a drop in domestic crude oil production, which fell by 6.4% year-on-year in November to 4.02 mbd.