Chinese Oil Imports Hit All-Time Monthly High In March; Q1 Imports Up 15% YOY

[hatrack]

SHANGHAI — China's oil imports surged to a record 17.3 million tons in March, the government reported Friday, as the country nearly unseated Japan as the world's second-largest buyer of foreign crude oil. China imported an average of just over 4 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. 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 tons, the customs data showed. The value of those imports jumped 91 per cent, year-on-year, to $30-billion (U.S.), as the price of crude oil surged, the customs office said.

An unexpected decline in U.S. crude and gasoline inventories drove oil prices to a trading record of $112.21 a barrel Wednesday. Crude futures held well above $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.


EDIT

http://www.theglobeandmail.com/servlet/story/RTGAM.20080411.wchinaoil0411/BNStory/energy/home

[YOY]

1. DAMMIT HATRACK! Stop BLAMING ME!!!

I know... I'll stop posting on your threads when I see my handle... It's just a funny running gag to me...

[hatrack]

3. So, we meet at last - the Environmental Avenger vs. the Global Economy Nemesis!!!!

This will be a fight to the finish!!!

:toast:

[YOY]

4. You'll never survive my Purchasing Power Parity Pummel!

or my Unsustainable Developmental Half Nelson!

[hatrack]

5. But how do you propose to withstand the withering heat of the Entropy Ray?!?

Huh, tough guy? How?!?

[YOY]

7. *GASP* I need to call on all the strength of my UNfair trade coalition to save me!

Trade Partners! Assemble! Bring your human capital and prepare to siphon away their ability to produce all recyclable non-perishable goods! We'll make you our fiscal slave yet environment!

Coincidentally, I am an MBA with a focus in International Business (But I work in Project Management Domestically...) :rofl:

[hatrack]

8. Hah! You seek global dominance, but I shall crush you with the Climate Black-Swan Claw Of Death!

All your market are belong to us!!!

[YOY]

11. GACK! My...fiscal reserves...depleting...you win this time!

We shall meet again!

[phantom power]

2. But look -- volatiles production increased! We're saved!

:rofl:


January 2008 is the New World Record for Crude Oil (plus Condensate) Production

[hatrack]

6. And an absolutely ENORMOUS all-time record-setting increase it was!!!

What, a whole 184,000 b/d more than before?? Hummer time!!

[GliderGuider]

9. Well, actually it's 168,000 b/d but who's counting?

An increase of a whole 0.2%. Big whoop.

This points out the danger of playing "Pin the Tail on the Peak" - nothing about this says we're anywhere except on the same plateau we've been on for the last three years.

[phantom power]

10. You know how this game will be played, I'm sure...

The rules are very similar to climate change denial. We have a cold February, and everybody has a big laugh about those wacky climate change doomers.

I'm sure the oil-cornucopians have already uploaded their snarky rejoinders, and hilarity will ensue.