China's Dependency on Foreign Oil Exceeds 60 Percent: Report

2016-01-27 09:22:00 | From:

A general view of a national oil reserve base in east China's Zhejiang province, January 28, 2007. [Photo: Asianewsphoto]

A new industry report has found that China's dependency on imported oil exceeded 60 percent for the first time last year and is expected to rise further this year.

The report has been released by the China National Petroleum Corporation Economics & Technology Research Institute.

It says actual oil consumption rose 4.4 percent last year, bringing the proportion of net imports in total oil consumption to nearly 61 percent.

The report also estimates that the oil dependency rate will go up to 62 percent next year as oil demand grows 4.3 percent, car ownership increases, urbanization advances and the state boosts oil reserves.

The report also puts China's annual energy consumption at 4.2 billion tons of standard coal last year, falling half a percent year on year, the first drop in 30 years.

It forecast global oil prices would stay low due to plentiful supply and lackluster economic growth.

Your Comment


Related News