What does this phrase mean?

R-S   Fri Jul 31, 2009 8:52 am GMT
Korea and China still buy their oil ""but that's about it""
Guest   Fri Jul 31, 2009 10:28 am GMT
'that's about IT? = that's all
Blah   Fri Jul 31, 2009 1:00 pm GMT
It means that Korea and China buy almost nothing else from the country where they buy their oil.
BlahBlah   Fri Jul 31, 2009 1:51 pm GMT
Or could it mean that only Korea and China, and no other countries, still buy their oil?
Blah   Fri Jul 31, 2009 7:43 pm GMT
Yeah, squared, it could be interpreted that way around, too.

The only detail I would quibble with is that it doesn't strictly have to mean that zero other countries buy the oil. It is just that the amount bought by all the other countries is negligible compared to the amount bought by Korea and China.
guest   Fri Jul 31, 2009 10:35 pm GMT
<<Or could it mean that only Korea and China, and no other countries, still buy their oil?>>

No, because "this" is singular and cannot refer to both Korea and China. It could mean that the only thing China and Korea buy is oil, though.
Another Guest   Fri Jul 31, 2009 11:53 pm GMT
There's a decided lack of context here. A big clue that more context might be required is that your sentence includes pronouns, and you did not quote the part where their antecedents were given.
BlahBlah   Sat Aug 01, 2009 2:09 am GMT
No, because "this" is singular and cannot refer to both Korea and China. It could mean that the only thing China and Korea buy is oil, though.

".... but that's about it"

'That' refers to a single fact - the fact that 'Korea and China still buy their oil', not the oil or the countries.
Uriel   Sat Aug 01, 2009 6:18 pm GMT
Not true. Idioms like "That's about it" don't require strict agreement. I could compose a paragraph that said, "Eastern Nowhereistan has so isolated itself from the international community by insisting on adhering to its abhorrent domestic policies that it now has almost no export business at all. Its economy is on the brink of total collapse, despite the presence of two major oilfields within its borders. China and Korea still buy their oil, but that's about it."

What I would quibble about is the "Korea" part -- you need to specify North or South Korea, as they are still separate countries.