China more dependent on crude oil than US
Updated: 2011-08-03 17:34
By Cai Xiao (chinadaily.com.cn)
China's foreign crude oil dependency ratio recorded 55.2 percent, the first time exceeding that of the United States, the Ministry of Industry and Information Technology (MIIT) said on Tuesday.
According to a MIIT report, China's petroleum consumption totaled 1,980 million tons in the first five months of 2011, rising 10.3 percent year-on-year.
Of the consumption, 1,910 million tons was in crude oil, an increase of 8.5 percent year-on-year, and overseas crude oil accounted for 55.2 percent, the first time exceeding the United State's 53.5 percent.
From January to May, China imported 1,070 million tons of crude oil, $78.9 billion worth.
The ministry said China's petroleum consumption growth is higher than that of its GDP, which will place huge pressure on energy production and conservation.
The Jinghua Times quoted Lin Boqiang, the director at the China Center for Energy Economics Research at Xiamen University, as saying China exceeded the US in foreign crude oil dependency because the US is exploring natural gas as a way to change their energy structure.
Industry experts said China should fully consider energy consumption, positively develop alternative energy, and diversify import channels to improve the nation's energy safety.
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