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China’s Dependence on Crude Oil Surpasses That of the U.S.

According to People’s Daily, the Ministry of Industry and Information Technology (MIIT) has issued data showing that, from January to May 2011, China’s domestic apparent consumption (production plus net imports) of oil reached 198 million tons, an increase of 10.3 percent over the same period last year. The apparent consumption of crude oil was 191 million tons, an increase of 8.5 percent. China relies on imports for 55.2 percent of its crude oil consumption, a proportion surpassing that of the U.S. MIIT warned that China’s oil consumption outpaces its GDP growth, placing tremendous pressure on energy production and conservation, as well as the reduction of emissions. The Chinese Academy of Engineering projects that, by 2030, even under a pessimistic scenario, China’s annual oil demand will reach 644 million tons. Without proper control, China may have to import 70 percent of the oil it consumes.

Source: People’s Daily online, August 4, 2011