“China’s daily net crude oil imports rose 3 percent in April from a month earlier as refineries increased fuel production to ensure supplies to factories in the world’s fastest-growing major economy.
Net imports reached 21.25 million metric tons last month, or 5.2 million barrels a day, according to Bloomberg calculations based on data posted today on the website of the Beijing-based General Administration of Customs. Net inbound shipments gained 1.3 percent from a year earlier.
Factories boosted April exports to a historic high of $155.7 billion, spurring refiners includingChina Petroleum & Chemical Corp. (600028) and PetroChina Co. to produce more gasoline and diesel. The government, which controls fuel prices to curb inflation, raised tariffs on April 7, helping to offset the 8.9 percent increase in the price of imported crude last month.”
If you enjoy the content at iBankCoin, please follow us on Twitter
