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Iran tensions mean 'it's time for China to diversify' crude sources (2)

By Zhou Yan (China Daily)

14:18, January 06, 2012

"Their investment in the country may further slide if the situation gets worse when war risks grow," Song said.

Thus, it's important for China to expand its crude oil sources to ward off increasing risks in the area, Niu said.

Apart from Iran, China also imports oil from Qatar, the United Arab Emirates, Russia, Venezuela and some African countries.

Customs figures show that China, the world's second-biggest oil user after the US, imported 231.86 million tons of oil in the first 11 months of 2011, up 6.1 percent year-on-year.

Imports accounted for more than 50 percent of the country's total oil consumption starting in 2010.

In response to possible EU sanctions, an official from the National Iranian Oil Co was quoted by Reuters as saying that the country could replace its European customers by diverting more oil into Asian countries, including China, as well as Africa.

China might get bargain oil prices from Iran if the Middle Eastern country, which is heavily reliant on oil exports, is forced to seek alternative markets to replace the US and EU, said Yin Dongqing, a researcher at CNPC's Economics and Technology Research Institute.

But he added that to guarantee China's energy security, it would be important to accelerate the construction of more strategic and commercial crude oil inventories, even though there's little chance that a war in Iran will break out.

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PD User at 2012-01-0950.99.107.*
China has an opportunity to increase supply from Canada.
wende at 2012-01-0671.255.81.*
China should not retreat from its importation of crude from Iran. This will fall into US trap. US is using force to secure its oil as Iran is number 2 in oil export. The west does not use trade anymore but wars to get what they want. China"s retreat will encourage them all the more. There must be ways to continue to trade with Iran.
elee at 2012-01-06183.39.44.*
It is virtually a strategic strangle on China by perceived "enemies" against Chinese interests and growth. One way is to reduce all imports of vehicles from every other nations exporting vehicles to China. Reduction in vehicle oil consumption will in effect improve the environment, o_zone and lessen pressures from foreign big nations.
  

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