Print

Mail

wiki links

China's net crude oil imports up 18.1% in first eight months

China's net imports of crude oil rose 18.1 percent in the first eight months of this year as the booming country's voracious energy demands continued to grow, state media reported yesterday.

Net imports reached 108.2 million tonnes from January to August, Xinhua news agency said, quoting figures from the General Administration of Customs.

The country's net oil imports were 757.5 million barrels from January to August, Xinhua said.

Total imports, meanwhile, were 773 million barrels, while exports were 15.5 million barrels.

The report gave no monthly figures for August.

The world's second-largest oil consumer after the US, China has seen its demand for energy rocket as a result of its explosive economic growth, which has been in double digits for four consecutive years and expanded by 11.9 percent last quarter.

China supplied its own energy needs for decades from domestic oil fields but became a net importer in the 1990s.

It has been a net importer of oil since 1993 and imported 138.8 million tonnes of crude last year, up 16.9 percent from the previous year.

Imports last year accounted for 47 percent of the country's overall consumption and industry observers have warned imports might make up more than 50 percent of China's petroleum needs in a year or two.

Chinese demand has been identified as at least partly responsible for currently high oil prices.

Beijing's growing need for oil have prompted it to nurture ties with Iran, Sudan and other producers the US is trying to isolate.
This story has been viewed 1323 times.