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China's crude imports drop to 2-year low

By Si Tingting (chinadaily.com.cn)
Updated: 2009-03-12 14:00

China cut its crude oil imports for four consecutive months since October 2008, against common belief that the country should make use of the plummeting crude oil prices and shipping cost to increase oil reserves.

Crude imports dropped to the lowest level in at least two years in February to 11.73 million tons, about 3.07 million barrels a day, according to data released by the customs department on Wednesday. That represents a drop of 19.7 percent compared to last February.

Analysts say the country's four strategic oil reserve tanks have already been filled and there are not enough tanks to store more, said the Shanghai-based Oriental Morning Post.