China depending more on imported oil

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, they said.

China’s oil dependency reached alarming levels last year with imports accounting for 52 percent of total consumption, China Business News reported yesterday, citing Zhang Xiaoqiang, vice-minister of the National Development and Reform Commission.

Importing more than 50 percent is a globally recognized level for an energy security alert.

China Daily