China was once an oil exporting country, but due to massive economic growth over the past three decades, China has flipped from being an exporter to an importer, until now.

Fuel stockpiles in China are reportedly enough to keep the country in oil for a time, and will begin buying imported oil again when the time is right. Sinopec, the major importer of oil into China claim that the market is currently at a surplus stage, but this is not expected to last. In July, China imported 606,100 tons of gasoline, and 970,000 tons of diesel respectively.

Rumors are also flying around the internet that gasoline prices at the forecourt are set to rise again, putting Chinese gas prices more inline with international pricing, which will serve to drive down demand as Chinese consumers presumebly give up their cars. The central government has denied that gas prices will shoot up immediatly after the Olympics, but did not deny the rumor totally.