China Imports New Record 163 Million Tons Of Oil In 2007 - Up 16.9% YOY - Xinhua

[hatrack]

BEIJING, Jan. 12 (Xinhua) -- China's crude oil imports rose 12.4 percent in 2007 over the previous year to a new record of 163.17 million tonnes, according to customs figure.

Crude oil imports for 2006 was 138.8 million tonnes, representing an increase of 16.9 percent from the previous year. The exports, however, fell 38.7 percent year-on-year to 3.89 million tonnes last year, according to the General Administration of Customs. Crude oil exports were valued at 79.77 billion U.S. dollars, 20.1 percent more than a year earlier amid international oil price hikes. Global prices surged about 57 percent throughout last year.

China also imported 33.8 million tonnes of oil products in 2007,a decline of 7.1 percent from the previous year, although large oil producers increased oil product imports late last year following a fuel shortage reported in October.

The export of oil products still enjoyed a marked increase. It rose 25.6 percent to 15.51 million tonnes last year. Chinese Ministry of Commerce forecast the country's crude oil output for 2007 at 187 million tons, up 1.7 percent year-on-year.

EDIT

http://mathaba.net/rss/?x=577707

[thunder rising]

1. ???

[madrchsod]

2. well someone has to make our plastic crap

what a hell of a waste of oil -cheap plastic crap for the masses

[GliderGuider]

3. That's over 3.2 million barrels per day

That's almost half their consumption. China imports more oil than Canada's entire production. Jeebus!

[pscot]

4. How can they do that?

Don't we have some sort of prior claim? I mean, if they use up all our oil, what are we supposed to do?