Imports to Meet 50% of China’s Oil Needs by 2010 – Report

(Dow Jones)- Half of China’s oil needs is likely to be met by imports by 2010 as production continues to decline at domestic oil fields and consumption grows, the China Securities Journal reported Tuesday, citing a domestic think tank.

This would mark a sharp increase on 2004 when oil imports met 44% of total domestic demand of 290 million metric tons, or 5.8 million barrels a day, the Chinese Academy of Social Sciences said in its annual report on energy development in the country, according to the report.
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