China Crude Oil Imports May Decline, Says Cnooc

Here's a story from last month that just caught my eye now. When you read this, keep in mind that the Chinese and the Saudis are usually tied spots #1 and #2 in the World-Class Liars contest every year, in the category of "Countries Who Lie to Manipulate the Commodities Market". But here's the story ...

China Crude Oil Imports May Decline, Says Cnooc

July 20 (Bloomberg) -- China's oil imports, a driving force behind record prices, have ``stabilized'' and may decline within three years as government measures to conserve fuel take root, Cnooc Ltd. Chairman Fu Chengyu said.
Shipments will stay near 130 million metric tons a year before dropping, helping global prices ease in the ``long term,'' Fu, who runs China's third-biggest oil company, said in a July 18 interview. That prediction contrasts with Titan Petrochemicals Group Ltd., the country's largest oil-supertanker owner, which forecasts a jump of as much as 15 percent in 2006 imports.

The rest is HERE

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