China Crude Oil Imports Surge 32.8 Percent in First
Half
China, the world's second largest crude oil importer,
recorded a 32.8 percent surge in the first half of this
year. According to figures released by Chinese customs,
the country imported 43.8 million tons in the first half.
Observers attributed the growth to continued economic
growth in China, and to a stock build-up prior to the
US-UK led invasion and occupation of Iraq.
Oil analysts said that the rising imports are in line
with predictions that China will import 40 percent of
its oil by 2010, up from the current 30 percent.
Annual imports for the year are likely to reach 75-80
million tons, compared with 2002's 70 million tons.
In addition to industrial growth, China's rising demand
for private automobiles has spurred demand for oil.
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