While US can't get enough oil, China increases imports by 246.5%

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-- meg davis (meg9999@aol.com), March 25, 2000

-- Flash (flash@flash.hq), March 27, 2000

Answers

(For informational purposes only etc...) China Jan-Feb Crude Imports Soar On Stocks, Demand

BEIJING, Mar 24, 2000 -- (Reuters) China's crude import surge in the first two months of the year was attributed to low products inventory and robust demand in the domestic market at the end of 1999, state oil traders said on Friday.

Chinese Customs data said on Thursday, China imported 10.3 million tons of crude for January and February, or 1.29 million barrels per day, a 246.5 percent jump from the same period last year.

"Domestic products markets were very tight from November last year...The high imports were meant to replenish the low products stocks," one Beijing-based state oil trader said.

Sources said the massive rise in imports was also due to low imports in the same period of 1999.

China bought 1.31 million tons (316,900 bpd) and 1.67 million tons (447,300 bpd) respectively, in January and February of 1999, the two lowest monthly levels last year, amid high stockpiles rolled over from 1998.

China's domestic products market, especially of gasoline, tightened since last October, amid healthy domestic demand and an aggressive gasoline export program, sending domestic prices surging in the final quarter, industry sources said.

China then decided to suspend spot gasoline exports lifting last December and January.

China's gasoline exports shot up 127 percent year-on-year to 4.138 million tons (96,360 bpd) in 1999.

China was expected to import 40-45 million tons (821,900-924,700 bpd) of crude in 2000, sources said earlier.

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-- Flash (flash@flash.hq), March 27, 2000.

Could it just be there stocking up for war with Thaiwan and the US We should not trust anything they say why so much stockpilling all of a sudden. Keep your eyes open how many other things are they stockpilling also. Ben

-- Ben (becareful@whatch.net), March 27, 2000.

Stockpilling probably but they are buddies with Russia now so why stockpile?

-- Johnny (Not@anymore.net), March 27, 2000.