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CHINA: July crude imports jump 40.7% year-on-year Surging refinery production drove China's crude imports up 40.7 per cent in July, as demand from the world's second-largest oil consumer continues to power ahead despite runaway world crude prices and Beijing's moves to cool down the booming economy. China also bought more diesel and slashed gasoline exports by almost 33percent to fuel growing demand for the auto fuel as the number of car owners rise. Crude imports in July were 9.6 million tonnes, 2.32m barrels a day, up 40.7percent year on year, customs data showed, That took the total for the first seven months to 70.6m tonnes (2.49m bpd), up 39.5percent from the year-earlier period. State refiners, which supply around 90percent of the domestic market, continued to pump at full tilt in July at 22.9 million tonnes, or 5.54m bpd, 13percent higher than a year ago, data from the National Bureau of Statistics showed. China boosted diesel imports by 175percent in July from a year earlier, though it fell 38percent from June, the General Administration of Customs said. A longer-than-expected delay by Beijing to raise domestic pump price has partly fuelled higher demand. The delay also encouraged stockpiling by independent dealers and end-users, who speculate that domestic markets would track record-high global prices, steaming towards US$$50 a barrel for US light crude. Kontaktinformationen: ZEMIN LI Konsul für Wirtschaft und Handel Leiter der Wirtschafts- und Handelsabteilung des Generalkonsulats der Volksrepublik China in München Halmstr. 5 81369 München Tel.: 0049 (0)89-99 73 82 78 Fax:0049 (0)89-99 73 82 76 E-Mail: trade_munich@t-online.de lzm_munich@yahoo.de
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