Chinese oil giant stops exports for domestic needs

Discussion in 'Economics' started by Pekelo, Apr 22, 2011.

  1. Pekelo


    "Chinese oil giant Sinopec has stopped exporting oil products to maintain domestic supplies amid disruption concerns caused by Middle East unrest and Japan's earthquake, a report said Wednesday. The state-run Xinhua news agency did not say how long the suspension would last but it reported that the firm had said it also would take steps to step up output "to maintain domestic market supplies of refined oil products".

    "The Beijing-based company attributed the result to China's rapid economic growth, robust oil demand and "the increase in the price of crude oil, oil products and petrochemical products.""
  2. Very smart move on China's part.
  3. Pekelo


    Well, smart or not, it is a necessity. England also went from an exporter to a net user a few years ago...
  4. see you are a protectionist
  5. It's their oil they can do whatever they want with it
  6. This is old news and Sinopec's exports are trivial.

    It still says a little bit about things. Sinopec gets more for its product overseas than it gets in China where price controls mean it loses money on every barrel of crude it refines. Hard to see them stepping up production given this, although an order is an order.