China's Crude Oil Imports DoubleChina's crude oil imports in the first four months of the year more than doubled the figure for the same period of 1999, according to the General Administration of Customs.China imported a total of 22.72 million tons of crude oil between January and April, up 120 percent from the same period last year. The imports cost China 4.33 billion U.S. dollars, up 360 percent, due to the price rise of crude oil in the international market. In addition, China imported 5.36 million tons of refined oil products, down 22.1 percent. But the expenditure for the imports grew 35.4 percent, to 980 million U.S. dollars. The amount of imported liquefied petroleum gas (LPG) reached 1. 56 million tons, down nine percent. The cost was 460 million U.S. dollars, up 41 percent. Oil prices rose markedly since early last year, from about 10 U. S. dollars per barrel in January last year to the highest level of 34 U.S. dollars per barrel this year -- the record figure in the past ten years. As a leading oil producer, China has ranked fifth in the world in the past 13 years in terms of oil output. But it became a net oil importer in 1993, and imported about 40 million tons of crude oil last year. China produced 160 million tons of crude oil in 1999. |
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