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Experts warn of China's rising imported oil dependence

08-16-2011 08:49 BJT

BEIJING, Aug. 14 (Xinhua) -- China's rising dependence on imported oil is threatening the country's energy security, and the government should step up energy management to ensure supply in future, experts have warned.

China's dependence on imported oil rose to 55.2 percent in the first five months of this year, up from 55 percent in 2010 and 33 percent in 2009, according to the Ministry of Industry and Information Technology (MIIT). Meanwhile, that of the United States has dropped to 53.5 percent.

China's oil consumption surged 10.3 percent year on year to 198 million tonnes in the first five months this year, according to figures from the MIIT. In the same period, oil imports rose 11.3 percent to 107 million tonnes.

Tong Xiaoguang, a researcher with Chinese Academy of Engineering (CAE), noted that the rapid growth in both imported oil dependency and oil import volume are signs of rising risks of China's oil trading in the global market.

"China is witnessing growing need of crude oil during its development of urbanization and industrialization," said Tong, who expected China's dependence on imported oil would jump to 60 percent by 2020 and 65 percent by 2030.

China will need 644 million tonnes of crude oil annually at lowest demand in 2030, according to a CAE study on China's mid- and long-term energy development strategy.

The MIIT expected annual oil consumption to reach 468 million tonnes this year, up 6.5 percent from a year earlier.

Editor:Wang Xiaomei |Source: Xinhua

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