China's oil consumption hits record

China’s consumption of crude oil and refined oil products hit a record high in the first half of the year, totaling 173.03 million tons and 106.112 million tons respectively, up 6.8% and 9.6% on the previous year. According to the National Bureau of Statistics (NBS), the “apparent consumption” represents the sum of net imports and output, but excludes inventory. Crude oil output rose by 1.7% to 93.31 million tons and refined oil output increased by 7.2% to 95.972 million tons. An analyst with the China Petroleum and Chemical Industry Association said oil output in the old oil fields in northeast China was on the decline, but it was boosted by western and offshore oil fields. (July 24, 2007)