China's Crude Oil Processing Volume Up 3.2% in November 2011

---

Researched by Industrial Info Resources China (Beijing, China)--China's crude oil-processing volume reached 37.87 million metric tons, or 9.22 million barrels per day, in November 2011, an increase of 3.2% from November 2010, or 5.13% over the previous month. From January to November 2011, China's accumulative crude oil processing volume reached 408.49 million metric tons, an increase of 5% from the same period last year, according to the latest statistical data issued by the National Bureau of Statistics of China on December 9.

The Instant Statistical Report from the General Customs Administration of China (GCAC) issued on December 10, 2011, also showed that China's import of crude oil reached 22.69 million metric tons, or about 5.54 million barrels per day, in November 2011, an increase of 8.5% from the 20.91 million metric tons in November 2010, and an increase of 9.1% from the import volume of 20.8 million metric tons in October 2011. From January to November, the accumulative import of crude oil in China reached 231.86 million metric tons, an increase of 6.1% from the same period last year. Meanwhile, the import of product oil reached 3.35 million metric tons, a drop of 4.8%.

Despite the fact that both the crude oil processing volume and the import volume of crude oil in China have shown a rapid growth in the first 11 months of 2011, the growth in crude oil imports might slow in the next year, according to the Analysis and Prediction Report on China's Economic Situation 2012, which was recently issued by the Chinese Academy of Social Sciences. It's expected that the total crude oil import of China will be slightly more than 250 million metric tons in 2012, and the import reliance degree will be further raised to about 56%.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.