China imported 19.63 million tons crude oil in July, a rise of 42 per cent from a year earlier, which is equal to a record 4.62 million barrels per day, the biggest monthly growth for five years, according to the Customs. Crude oil imports maintain a high level of more than 16 million tons for the fifth straight month.

Crude oil imports have been largely growing for several months against the sluggish oil consumption in domestic. The interesting thing is that China petrol has established the plan of reducing the oil output as the insufficient domestic demand at the beginning of this year. However, The output of crude oil even lower 1 percent year on year in the first half of this year, in June the output decreases 1.8 percent according to data. But the domestic stock of gasoline rises 47 percent compared with the same period last year by the end of June, which is higher than 16.8 percent at the beginning of this year. In the first half, our National apparent consumption of refined oil slump 3 percent, according to China Petroleum and Chemical Industry Association.

Where is the crude oil since the high imports? The market estimates that the enthusiasm of purchasing crude oil by domestic all kinds of bodies is stimulated due to the low international oil price. Besides, it is possible used as the state strategic oil reserve.

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