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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (3352)	7/12/2004 4:50:03 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

China 40% dependent on crude oil imports as of May As the second greatest crude oil consuming country in the world, China has seen a the gap between domestic ability to supply and demand for crude oil widen in the first five months of this year, according to figures released by China Customs. Apparent consumption of crude oil totaled 118.68 mln tons in the period, of which only 60.2% was supplied by domestic oilfields, down from 68.4% in the whole of last year, said Shiyou Jingji Wang, website of the domestic oil journal International Petroleum Economy. China imported 49.8 mln tons of crude oil in the period from January to May, accounting for 42% of domestic apparent consumption in the period. Apparent consumption refers to the result after imports are added and exports subtracted from domestic output. Only 35% of the domestic apparent consumption of crude oil came from imports last year. Demand for oil products also increased significantly in the five months. interfax.com