China’s 2006 oil import dependency at 47 pct, up 4.1 pct points from 2005

China’s oil import dependency level was at 47 pct in 2006, up 4.1 percentage points from 2005, the official Shanghai Securities News reported, citing data from the Ministry of Commerce.

The paper also cited analysts as saying that China’s import dependency will remain high in 2007 due to the country’s robust economic growth, high auto demand and the government’s push to fill strategic oil reserves.

The output of oilfields in Daqing and Liaohe is also dwindling, contributing to the need to source oil from overseas, the report said.

forbes