Chinese Crude Oil Imports Hit Record High in the First Half of 2007

Statistics from China Customs show that, in the first half of 2007, China imported 99.59 million tons of oil. This again set the Chinese crude oil import record high. The total value of oil imports amounts to $42.67 billion.

Among the total oil import, 81.54 million tons were crude oil. It is an 11.2% increase from the same period last year. The total value of imported crude oil is $34.95 billion. Refined oil import in the first half of 2007 was 18.05 million tons. This has seen a 1% decrease from the same period last year. The value of imported refined oil was $7.72 billion.

Mr. Zhou Fengqi from the Energy Research Institute at the China National Development and Reform Commission (NDRC) was interviewed regarding this trend. According to Mr. Zhou, the Chinese national oil reserves started receiving oil from the end of last year. This has increased the Chinese crude oil import to a certain extent. Yet, overall, the average price of imported crude oil in the first half of the year was $428 per ton and the same average for the same period last year was $452 per ton. Though this is related to the international oil pricing, it also shows that in recent years, the key Chinese oil companies have been more experienced and skillful in oil importing negotiations.

China has now become world’s third largest oil importer after the U.S. and Japan. It is at the same time the second largest oil consuming country only after the United States.

Last year, China imported 145.18 million tons of crude oil and 36.38 million tons of refined oil. Its reliance on imported oil is 50%.