China's oil imports will continue to see solid growth this year, with more than half of the country's total oil consumption coming from abroad, industry insiders said.
It is inevitable for the country, the world's second largest oil consumer, to see a robust increase of imports, as domestic production cannot keep up with rising demand. China's oil dependency reached alarming levels last year with imports accounting for 52% of total consumption, China Business News reported. Importing more than 50% is a globally recognized level for an energy security alert.
www.EnergyChinaForum.com
China's oil imports in 2010 are expected to grow 5% from a year earlier, and the proportion of imported oil consumed may further rise to 54% this year. China imported 204 million tonnes of oil last year (1495 million barrels, or 4.1 mbpd), while total production was 190 million tonnes (1393 million barrels, or 3.8 mbpd). The Middle East, Africa and the Asia-Pacific are the three main regions that supply oil for China. According to a report by the Chinese Academy of Social Sciences (CASS), 64.5% of China's oil consumption is likely to be met by imports in 2020. China's crude oil production may see a decline after 2020.(Edited by EnergyChinaFroum.com. For more information, please email to: info@energychinaforum.com)
(In-en,Mar 10,2010)
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