China Imports China’s crude oil output over the first half of the year stood at 101.59 million metric tons, down 4.6 percent and the lowest six-month figure since 2012, Bloomberg reports . The decline reflects China’s stated shift from an industry-focused economic model to a more service-oriented one. It is also related to a drive by the government to cut the country’s environmental footprint, struggling with a reputation of China as one of the most polluted places on earth. Low oil prices were also a factor in the production trend. In June alone, China pumped 8.9 percent less crude than a year earlier, with state-owned giants such as PetroChina and CNOOC shuttering unprofitable fields and turning to low-cost imports instead. Crude oil imports in January-June jumped 14 percent, China’s national Bureau of Statistics said, with June recording the weakest growth. The trend is seen to continue: an analyst from […]