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12

Chinese Crude Imports Soar

According to the latest official figures...

According to the latest official figures, China's crude imports jumped to an average 2.66 million b/d in February, up nearly 55% -- or around 940,000 b/d -- from a year ago.

Imports from Angola more than doubled to an average 430,000 b/d, as did imports from Oman, which stood at an average 408,000 b/d.

Sudan and Russia also doubled the volumes of their crude exports to China, while imports from Indonesia were nearly five times higher than a year ago.

The overall import volumes are all the more impressive given that in February 2003 Chinese refiners were already importing record volumes in the lead-up to the Iraq war.