Sinopec storage tanks Image: Al Arabiya News
China’s apparent crude consumption rose 4.9% last year to 476.13 million tons, according to the National Development and Reform Commission, due in part to an increase in oil imports.
Apparent crude consumption, which refers to domestic production plus imports, rose by just 3.3% in 2011, compared to a 13% surge in 2010.
Domestic crude output rose by just 1.9% to 207 million tons in 2012,. However, imports rose significantly by 7.3% to 271 million tons as Chinese oil company’s looked to fill their reserves with foreign oil.
China’s dependence on imported oil has increased 9 times in the past 10 years and it is now 56% dependent on imports. Some, however, believe this figure could even be as high as 58% - almost ten times greater than the nation's 6% dependence in 1993. Experts predict China’s need for foreign crude will increase by a further 5% this year, pushing it above 60%.
Published 21st February, 2013
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