China Increased The Amount of Oil Imported Into The Country

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[June 15, 2012]

China Increased The Amount of Oil Imported Into The Country

Jun 15, 2012 (SmarTrend(R) News Watch via COMTEX) -- 6-15-2012- The second largest consumer of oil, China, has started to import crude oil at its fastest rate since the Olympics in Beijing. In May China's import of crude oil rose to 6 million barrels per day, a 6% rise since the month earlier. This all has to do with efforts on China's project to put several of barrels in storage units to keep on reserve. That way in the future, China will be ready for unexpected changes in the price of oil, allowing them to buy less when the price rises and more when the price falls.

Government data show that China built up 90 million barrels of surplus so far this year. The price of oil went down 15% in May, the most since December 2008. China's consumption of oil per day is also expected to increase by 345,000 barrels per day this year, which is slower growth compared to last year.

China plans to have eight storage centers that will be able to hold about 200 million barrels. They already had four storage centers built in 2009, that holds about 100 million barrels. There is going to be third phase of this project that is still being planned.

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