Feb. 22, 2010 (China Knowledge) - China Petroleum & Chemical Industry Association said the country's crude oil processing volume rose 29% year-on-year to 30.14 million metric tons in January, driven by surging demand and economic recovery.
The country processed 500,00 tons more crude oil in January than in December, while the oil product output increased 24% year on year to 18.59 million tons, 310,000 tons more than in December, according to the association.
China National Petroleum Corp said earlier that China's apparent oil demand may surge by 5% this year as compared to 3.75% in 2009.
China's crude oil imports from Saudi Arabia have surpassed those of the U.S, which signals a shift in the geopolitics of oil from west to east. The United Nations said last month that the Chinese economy will grow four times faster than that of the U.S. this year.
