Read this buried nugget in a Reuters article on rising world oil prices:

China's refineries have processed 17.2 percent more crude so far this year than in 2003, the country's State Statistical Bureau said on Thursday. Crude imports to the end of July have soared nearly 40 percent from last year.

Did you catch that? Do you think that China's domestic production is declining?

And these are only the numbers they want to tell us about. Mark my words, China is stockpiling oil. A lot of it, it would seem.