Oil deficiency

THE REAL CAUSE OF THE SHORTAGE OF REFINED oil that is hitting many regions across China is still something of an enigma to the public, as State-owned oil magnates have flatly denied any responsibility.

Every time an oil shortage hits the country, which is now one of the world's leading oil consumers, State-owned and private oil suppliers always exchange accusations over who should carry the can.

Private oil suppliers blame the oil shortages on the overwhelming monopoly of the China Petrochemical Corporation (Sinopec) and the China National Petroleum Corporation (CNPC) and complain they have no diversified purchase channels.