China's Oil Imports Will Jump 10% In 2004 - AP

[hatrack]

BEIJING (AP) - "China says its oil imports will jump by nearly 10 percent this year to 100 million metric tons (700 million barrels), making up 40 percent of its consumption.

The announcement by the National Development and Reform Commission comes amid soaring power demands by China's booming economy that have led to shortages in areas throughout the country.

China imported 91 million tons (640 million barrels) of oil last year, according to the government. Until the 1990s, China supplied all of its needs from its domestic oil fields."

EDIT

http://biz.thestar.com.my/news/story.asp?file=/2004/11/16/business/20041116144050&sec=business

[htuttle]

1. Given there's only a 3% petroleum surplus capacity right now

I'm sure all you capitalists can pull out your calculators and do the math on what the price will look like.

[Ready4Change]

2. And that's just the beginning.

China is just BEGINNING to thirst for oil. Many other pacific rim nations are right behind them, developing at a breakneck pace. And with the example of the USAs oil gluttony, rather than seeking alternatives, they see oil consumption as the way to go.

Oil has peaked. We're on the down slope now.

[hatrack]

3. Yes, they're just hitting their stride when it comes to buying cars

Things are going to get downright perky in the next decade.

[phantom power]

4. And not just oil. Steel, concrete, and other raw materials are all

getting more expensive, due to increased consumption from Asia. Combine that with the falling dollar, and America is about to get an economic 2x4 upside the head.

[Dogmudgeon]

5. That ain't nothin'

Wait until OPEC switches from the Dollar to the Euro as it's standard exchange currency.

The day that happens, go to the grocery store immediately and buy as much food as you can.

--bkl

[Massacure]

6. If they grow at 10% again in 2005

That will take away another 190,000 barrels per day.

[BlueEyedSon]

7. Yup 10% PER YEAR, not just for 2004