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#1
12th October 2006, 04:14 PM
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Chinese farmers demand more oil -
Now it's the time for Chinese harvest and there is lot of demand for oil by farmers, looking at that the economy increased shipments to supply oil refiners and meet the fuel demand. Oil imported by China amounts to about 3.29 million barrels a day and it is expected that this will rise by 6.4 percent to about million barrels a day in a year's time.
With the decline in international oil prices refiners are getting incentives on importing oil. Even so with the domestic fuel prices equaling the international prices, it is allowing the refiners to regain profitability from processing crude oil. It seems that China being the second largest importer of oil in the world its cost of importing has also risen 73 percent. This shows the demand shown by the Asian economy and also the speed at which it is growing indicates the development level. 
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