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Shanghai Port Imports More Oil
Shanghai port imported 670,000 tons of crude oil and 1.505 million tons of refined oil products in the first eight months of this year, up 9.7 percent and 10 percent, respectively, from the same period of 1999.
However, due to the increase in the price for oil on the international market, crude oil imports, cost 144 million US dollars, double the 1999 figure, and refined oil products increased 71.4 percent to 331 million US dollars.
As a leading oil producer, China ranked fifth in the world in oil output over the past 13 years. China began importing oil in 1993 to meet increasing demands, and imported more than 40 million tons of crude oil last year.
Authorities note that the country will continue to import an increasing amount of oil due to rising oil demand.
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