CHINA INCREASES DEPENDENCY ON MIDEAST OIL
LONDON Ñ China has increased its dependency on Middle East oil.
Chinese government data reported that Beijing significantly increased
its purchase of Middle East crude oil in 2003 as compared to the previous
year. China's General Administration of Customs reported that Beijing bought
28.71 million metric tons of crude from the Middle East producers from
January through August 2003.
The figure represented a 29.6 percent increase from the same period in
2002. In all, the government said, Middle East oil accounted for 50 percent
of China's oil imports.
The government said Saudi Arabia was the leading exporter of crude oil
to China., with 9.48 million metric tons for the first eight months of this
year, an increase of 34 percent. Riyad was followed by Iran. A recent U.S.
congressional report showed a sharp drop in Chinese arms sales to Iran,
meant to provide the hard currency for Beijing's military modernization
program.
