Fairplay: China to Raise Oil Imports as Economy Stabilises

“China is ready to expand oil imports as economic growth returns, tanker consultancy Poten &Partners has predicted. As the Purchasing Managers’ Index for October improved on that of September, utilisation at Chinese refineries shot up to a 2012 high of 39.92M tonnes, as electricity generation increased. That resulted in Chinese crude imports reaching 23.68M tonne or 5.6M barrels per day, a 14% year on year increase and 18% more than the 20.08M tonnes imported in September. Poten said: Viewed from a y/y change perspective rather than a monthly one, some stabilisation and even an improvement over 2011 generation levels are suggested since July 2012.”