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Crude imports, which already account for 40% of China’s oil needs, rose to 34% in the first nine months from a year earlier to 90.31 million tons.
Citing anonymous commerce ministry officials, the report stated, “China has slashed its crude oil export quota to divert more supply to the domestic market. Crude export quota for Chinese companies was set at 1 million tons next year, down 2 million tons from 2004.”
“There is no limit for oil exports by foreign companies operating in China [but] exports will be reduced since domestic oil supply is rather tight,” added the insiders.
