as. If I remember correctly a couple of days ago you were blaming Cheney and Bush for high oil prices.
See if this helps make things a bit clearer for you.
China is buying a record amount of African crude oil
May 7, 2004
By Lawrence Yong
businessreport.co.za
New York - China, the world's biggest oil user after the US, is buying a record amount of African crude oil this year as Asian prices surge and on concern attacks on pipelines and terminals may disrupt supply from the Middle East.
China Petroleum & Chemical and PetroChina, the nation's biggest refiners, doubled purchases of oil this year from West African suppliers such as Angola and Gabon, according to interviews with 10 oil traders in Asia.
West African oil exports to China and other Asian buyers are rising at seven times the rate of the region's sales to the US, according to Purvin & Gertz, a consultant in Houston, Texas.
"The volumes heading East to Asia will grow and grow," said Abdallah Kharma, acting head of international oil trading at China Aviation in Singapore.
West African crude oils are prized by fuel makers because they contain less sulphur than most Middle East grades, making them cheaper to turn into the motor fuel.
Competition from China has contributed to shortages in the US that have driven fuel prices to a record.
Asian refiners may buy 1.7 million barrels a day of west African crude by 2010, almost double the 1 million barrels a day they bought last year, according to Purvin & Gertz.
"Rising demand from the US refiners for this grade is clearly playing a role in keeping prices high," said Frederic Lasserre, Paris-based head of commodities research at Societe Generale.
Concerns about terrorism disrupting supplies from the Middle East may also boost Asian imports of African crude oil. |
