China keeps up oil hunt

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http://www.atimes.com/atimes/China_Business/MG13Cb02.html

MONTREAL - China's demand for oil in May continued at the near-record level of 9.3 million barrels per day (bpd), 8.3% more than the same period last year according to the country's National Development and Reform Commission (NDRC).

In 2010, China's oil consumption increased 11% from a year earlier to an average of 9.2 million bpd. The record was set in April at 9.36 million bpd.

That pace is seasing amid signs of the economy cooling - the consensus estimate for 2011 economic growth has been ratcheted back to the 9.0-9.5% range from around 10%-10.5% China's oil imports fell to an eight-month low in June, at 5.7% lower than the month before and down by 11.5% year on year. Even so, unless the Chinese economy totally stalls, such


declines can be expected to be a temporary blip.

Of the 4.8 million bpd of oil that China imported last year (52% of its total oil consumption), nearly half came from the wider Middle East. Saudi Arabia, Iran, Oman, Kuwait and Iraq (listed in order of importance) accounted for 45% of all Chinese oil imports in 2010.