CHINA is becoming increasingly more dependent on oil imports. Official data released this week show domestic demand rose by almost a tenth in 2006, followed by another record high in crude imports last month.

The country's crude consumption rose 9.3 percent to 347 million tons last year, or 6.9 million barrels per day (bpd), according to the Ministry of Commerce.

On the supply front, China produced 1.7 percent more crude at 183.7 million tons in 2006, with net crude imports up 16.9 percent at 138.8 million tons and refined-product imports up 37.9 percent to 24 million tons during the same period.

The combined oil imports, including crude and refined, accounted for 47 percent of China's needs in 2006, the ministry said. The ratio was 4.1 percentage points higher from that of 2005 and could expand beyond 50 percent in a year or two.

China's General Administration of Customs reported on Monday that the country's monthly crude imports rose 3.5 percent compared with a year earlier to 13.69 million tons in January, a record high. It beat the previous record of 13.5 million tons in November. China's January bill for crude imports rose 5.5 percent to US$5.64 billion.

China's growing reliance on imports highlights the modest increase in domestic output and rapid growth in demand spurred by its strong economy, which expanded 10.7 percent last year. In its monthly report released on Tuesday, the International Energy Agency based in Paris, raised China's 2007 oil-demand forecast to 7.56 million bpd from its earlier estimate of 7.35 million bpd.

Source:佚名