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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (14843)	11/4/2004 1:45:14 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

Why not slash them completely?--China cuts crude exports quota by two thirds in 2005 Reuters Singapore, November 4 China has slashed its crude oil export quota for 2005 by two thirds from this year to divert more supply to the domestic market, Commerce Ministry officials said on Thursday. Crude export quota for Chinese companies was set at one million tonne (20,000 barrels per day) next year, down two million tonne from 2004, they said. There is no limit for oil exports by foreign companies operating in China, they added. "Exports will be reduced since domestic oil supply is rather tight," one official said. Petroleum demand in China, the world's second-largest oil consumer after the United States, soared over the past few months, driven by a galloping economy. Crude imports, already accounting for 40 per cent of China's oil needs, rose 34 per cent in the first nine months from a year earlier to 90.31 million tonne (2.4 million barrels a day). However, domestic crude production rose just three per cent year-on-year to 130.3 million tonne in the first three quarters. The flagship Daqing oilfield in the northeastern province of Heilongjiang exports most of the oil from China. Oil exports by foreign firms in China, including ConocoPhillips and ChevronTexaco Corp, are mainly from their production sharing contracts from offshore oilfields. hindustantimes.com