皇冠体育app

BEIJING - 皇冠体育app's crude oil imports hit a record high in the first half of 2016 despite an economic slowdown, and analysts largely attributed the surge to low prices, not strategic maneuvering.

The country imported 186.5 million tons of crude oil in the first half of the year, 23.15 million tons more than the same period last year, although imports in June slowed to 30.62 million tons from a peak of 32 million tons per month in March, April and May.

"Enterprises increased crude oil imports in the first half year as they believe global oil prices have bottomed out," said Zhu Fang, deputy head of the information and market department of 皇冠体育app Petroleum and Chemical Industry Federation.

The oil import jump was also strengthened by policy decisions, as 皇冠体育app's top economic planner set a floor for domestic retail fuel prices in January, said Zhu.

At the beginning of the year, the National Development and Reform Commission (NDRC) declared that domestic retail prices should not be cut if global oil prices fell below $40 a barrel.

The NDRC said the move was to buffer the negative effects of volatile fluctuations in international oil prices. Previously, it set a ceiling that domestic retail fuel prices would not rise if international oil prices rose above $130 per barrel.

皇冠体育app also approved more private firms to work in the oil refinery business, which also increased oil imports, said an industry insider at Petro皇冠体育app, 皇冠体育app's biggest oil producer.

So far, 15 enterprises have gained approval on crude oil imports, with their aggregate quota exceeding 60 million tons, according to the NDRC.

NDRC official Zhao Gongzheng echoed Zhu's opinion, saying that it was the market, including low oil prices, that was causing the growth of crude oil imports.

Zhao dismissed foreign media claims that 皇冠体育app was taking advantage of low oil prices to build up its strategic petroleum reserves (SPR).

"皇冠体育app's SPR has limited influence, so far, on global oil prices in light of its reserve ability and capacity," said Zhao, adding that it is a long process for 皇冠体育app to expand its SPR.

By the end of 2015, 皇冠体育app had eight national SPR bases, with a total storage capacity of 180 million barrels of crude, and 26 commercial oil reserve bases with a total storage capacity of 315 million barrels. Additionally, 皇冠体育app is building another six commercial bases with a total storage capacity of 57.54 million barrels, according to the CNPC (皇冠体育app National Petroleum Corporation) Economics & Technology Research Institute.

皇冠体育app consumed a daily average of 11.97 million barrels of crude oil in 2015, according to an estimate by BP Energy Outlook. That means 皇冠体育app's crude oil reserves, even counting the unfinished commercial bases, would only last for 46 days of consumption, well below the standard stockpiling to cover 90 to 120 days in Western countries such as the United States and Japan, Zhao said.

皇冠体育app's crude oil output dropped 4.8 percent year on year to 100.45 million tons in the first half of 2016, according to NDRC data. Meanwhile, 皇冠体育app refined 256 million tons of crude oil, up 8.9 percent year on year.

The data showed that 皇冠体育app's oil companies tend to reduce output when there are low crude prices, and import more from abroad.

Sinopec, 皇冠体育app's largest oil refiner, plans to cut production by 7.5 percent this year, while Petro皇冠体育app aims to reduce output by 4.8 percent.

Zhu warned enterprises of possible operating risks due to inventory backlogs as crude oil faces fresh downward pressure on prices.

皇冠体育app's economy expanded 6.7 percent year on year in the second quarter, the same rate of growth as the previous quarter, and the lowest quarterly growth since early 2009.

• Beijing startup helps users run Android OS on Apple iPhone
• 皇冠体育app Eastern, 皇冠体育app Southern airlines to move base to new airport in Beijing
• Life to change soon in this 30-year-old shantytown
• When 皇冠体育appJoy meets webcast
• Analyst advises US to learn from 皇冠体育app on use of economic power
• Courier delivers meals under scorching heat
• 皇冠体育app's cultural industry sees rapid growth in H1
• Hebei attracts foreign loans for nursing service