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China 2012 Crude Imports to Grow Slowest in 6 Years: Report

  • China's net crude oil imports are expected to rise 5.9 percent this year, the slowest growth rate since 2006, on slowing consumption, local media quoted a report by top oil firm China National Petroleum Corp (CNPC) as saying on Friday.Net crude imports in the world's second largest oil consumer are estimated at 266 million tonnes in 2012 versus 251.26 million tonnes last year, Beijing Times said quoting the CNPC report."China's economic growth will be easing along with a further slowdown in global economic growth, thus the rapid growth in oil consumption (in recent years) could ease," it said.In 2012, domestic demand and supply of diesel is expected to be "generally balanced," while gasoline supply will be a glut, it added.
  • China's rising fuel consumption drove global oil demand growth again in 2011, with implied oil demand increasing by 6.8 percent or 590,000 barrels per day (bpd) on the year.Analysts expect China's oil demand to grow by 5 to 7 percent this year, with most predictions leaning towards the lower end of the range as a lacklustre global economy weighs on the country's export-focused manufacturing sector.CNPC is the parent of the country's largest oil and ags producer PetroChina .

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