China Crude Imports Soar

China's net imports of crude oil in the first eight months of 2007 rose more than 18%, making China the world's second largest consumer of oil after the US, according to US news site Marketwatch.

China imported 110.4 million tons of crude oil while exporting 2.18 million tons.

Domestic output of crude hit 124.7 million tons in the same period, up 1.3%, while refined oil imports rose to 24.28 million tons.

By staff writer