Crude oil imports into China fell by 5.4 percent last year on an annual basis for the first time in two decades, Reuters reported citing statistical data from Beijing. According to the report, the cause of the decline was Beijing’s push to reduce fuel oversupply but targeting independent refiners with various measures aimed at curbing their appetite for oil. The government also clamped down on the independent refining sector for environmental law violations, tax code violations, and illegal import quota trading. Still, while overall imports of crude last year fell, imports from sanctioned Venezuela and Iran actually ... (full story)