Crude oil imports slacken

China's crude oil imports are expected to register a stagnant year-on-year growth of 1.2 percent in 2008, surprising some market observers who thought the government would take advantage of low world oil prices to increase reserves.

China National Petroleum Corporation, China's largest oil company, published the estimate on its website yesterday, saying China will import 189 million tons of crude oil in 2008, up 1.2 percent from 2007.

That growth rate is down sharply from 14.7 percent in 2007 and 14.5 percent in 2006. The global price of oil has plummeted from July's $147 per barrel to this month's average of $40 per barrel.