Imports account for over 60% of domestic oil consumption
Print Edition
China’s dependence on foreign oil broke the 60 percent mark for the first time last year, according to a report by China National Petroleum Corp.
Imports rose 6.4 percent year on year to 328 million tons, or 60.6 percent of the country’s total consumption, the 21st Century Business Herald cited the document as saying.
Apparent oil consumption rose 4.8 percent in the year to 543 million tons, it said.
Domestic crude production rose 2 percent year on year to 214 million tons, while apparent refined oil consumption gained 5.3 percent to 318 million tons.
Refined oil production rose 6.6 percent to 337 million tons, while exports of refined oil grew 32 percent to 19.7 million tons.
Qian Xingkun, vice dean at the CNPC Economics and Technology Research Institute, said OPEC’s decision not to cut production of crude had led to “never before seen” levels of oversupply on the global market.
The CNPC report said the mean price of crude oil futures is likely to remain between US$40 and US$50 a barrel this year.
China’s domestic oil demand will grow steadily over the coming 12 months, while exports are likely to rise to 25 million tons, it said.
Stricter environmental standards in China will boost the consumption of gas to about 6.4 percent of the country’s energy mix this year, it said.
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