China increased crude-oil imports to a record last month, taking advantage of falling prices, as domestic refining capacity climbed.
Crude imports surged 46 percent to 20 million metric tons or 4.87 million barrels a day in September from a year earlier, according to Bloomberg News calculations based on figures provided by the country’s Customs administration on its Website yesterday.
August purchases were 15.65 million tons.
Crude oil prices have fallen 45 percent from a record US$147.27 a barrel reached on July 11 because of concerns the global credit crisis will dampen economic growth and oil demand.
China ’s processing capacity climbed in the third quarter as the nation’s two biggest oil companies expanded refining capacity.
China cut crude purchases by 7 percent, the biggest decline in at least two years, to 13.79 million tons in July.
Tags: crude-oil , imports
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