24 Aug 2010 08:31

China's crude oil inventory up 1.3 pct m-o-m in July

Shanghai. August 24. INTERFAX-CHINA - China's crude oil inventory, excluding the national strategic reserve, climbed by 1.3 percent month-on-month to reach 29.20 million tons in July, according to statistics released by state-run Xinhua news agency Aug. 23.

According to the statistics, the country's fuel inventory over the same period dropped 6.1 percent to 16.21 million tons.

Among fuel products, the gasoline inventory slipped by 3.8 percent to 6.30 million tons, diesel inventory decreased by 7.2 percent to 8.26 million tons, while the kerosene inventory dropped by 9.3 percent to 1.65 million tons as of the end of the month.

Wang Shaojie, an oil analyst with Pec365, told Interfax that the increase in crude oil inventory last month was due to the relatively low refining volume, which decreased by 68,000 tons in June to 35.28 million tons in July.

According to the National Bureau of Statistics (NBS), China produced 17.22 million tons of crude oil in July, up by 2.01 percent month-on-month. In the same month, the country imported 19 million tons of crude oil, down 14.68 percent from June.

- TW