BEIJING - China's October crude oil imports rose 28.2 percent from a year ago, their fastest since July last year and the third-highest daily rate on record, amid a slump in oil prices.
Customs data showed on Tuesday that the world's second largest oil user shipped in 16.16 million tonnes, or 3.81 million barrels per day (bpd) of oil last month, making for its third consecutive month of double-digit growth.
The strong imports came amid signs of brimming domestic fuel stockpiles and slowing demand, raising the prospect that the country may have speeded up, or will resume, filling its strategic petroleum reserve tanks after slowing, or even halting, the process earlier this year because of soaring crude prices.
"We could not draw the conclusion that crude oil was pumped into strategic storage tanks by the strong imports this month alone," said Qiu Xiaofeng, an analyst with China Merchants Securities.
"But if crude oil imports growth in November remains above 15 percent while there is no increase in refinery operating rates, some of the imports could go to storage facilities including the strategic petroleum reserves tanks," he said.
Crude imports in the first 10 months increased 10.6 percent to 151.15 million tonnes, data published on the General Administration of Customs' website showed.
The figures indicate that the global financial crisis has so far not blunted oil appetite in China, considered by some as a last bastion of support for tumbling global demand.
October's daily rate of crude oil imports was only exceeded by the figures for March and May this year, when refineries were running at top speed ahead of the Olympics.
Some analysts said that China's huge stimulus package unveiled recently would prop up its medium-term oil demand, even though the short-term outlook could remain bleak.
"The sky-high inventory level, the unsustainable level of artificially high pump prices and the weakened GDP growth... will likely weigh on Chinese oil demand growth in the coming months or quarters," U.S.-based consultant Paul Ting said in a report.
October imports of refined oil products, at 2.02 million tonnes, was the lowest monthly volume so far this year, down 7.8 percent from the same month last year as the country faced heavy stockpiles built for the Olympics.
January to October import of oil products was 33.28 million tonnes, still higher than the 29.02 million tonnes for the same period last year due to months of binge-buying earlier.
Gasoline stockpiles held by state oil refining giants PetroChina and Sinopec rose to a record 31 million barrels and diesel inventories climbed to 47.6 million barrels in September, a fortnightly Xinhua oil and gas journal reported last week, citing data from top oil firm CNPC.
The country's net fuel imports in October fell 47.7 percent from a year earlier and slipped 52.1 percent from September.
Customs data showed on Tuesday that the world's second largest oil user shipped in 16.16 million tonnes, or 3.81 million barrels per day (bpd) of oil last month, making for its third consecutive month of double-digit growth.
The strong imports came amid signs of brimming domestic fuel stockpiles and slowing demand, raising the prospect that the country may have speeded up, or will resume, filling its strategic petroleum reserve tanks after slowing, or even halting, the process earlier this year because of soaring crude prices.
"We could not draw the conclusion that crude oil was pumped into strategic storage tanks by the strong imports this month alone," said Qiu Xiaofeng, an analyst with China Merchants Securities.
"But if crude oil imports growth in November remains above 15 percent while there is no increase in refinery operating rates, some of the imports could go to storage facilities including the strategic petroleum reserves tanks," he said.
Crude imports in the first 10 months increased 10.6 percent to 151.15 million tonnes, data published on the General Administration of Customs' website showed.
The figures indicate that the global financial crisis has so far not blunted oil appetite in China, considered by some as a last bastion of support for tumbling global demand.
October's daily rate of crude oil imports was only exceeded by the figures for March and May this year, when refineries were running at top speed ahead of the Olympics.
Some analysts said that China's huge stimulus package unveiled recently would prop up its medium-term oil demand, even though the short-term outlook could remain bleak.
"The sky-high inventory level, the unsustainable level of artificially high pump prices and the weakened GDP growth... will likely weigh on Chinese oil demand growth in the coming months or quarters," U.S.-based consultant Paul Ting said in a report.
October imports of refined oil products, at 2.02 million tonnes, was the lowest monthly volume so far this year, down 7.8 percent from the same month last year as the country faced heavy stockpiles built for the Olympics.
January to October import of oil products was 33.28 million tonnes, still higher than the 29.02 million tonnes for the same period last year due to months of binge-buying earlier.
Gasoline stockpiles held by state oil refining giants PetroChina and Sinopec rose to a record 31 million barrels and diesel inventories climbed to 47.6 million barrels in September, a fortnightly Xinhua oil and gas journal reported last week, citing data from top oil firm CNPC.
The country's net fuel imports in October fell 47.7 percent from a year earlier and slipped 52.1 percent from September.
