Think tank says crude oil imports will increase
China’s dependency on foreign crude will continue to increase this year despite the strife in major oil-producing nations like Iraq, a leading industry think tank said.
According to a report published by China National Petroleum Corp, the country’s largest oil and gas producer, China is expected to import 298 million metric tons of crude this year, accounting for about 58.66 percent of the country’s total crude consumption.
The company’s research institute estimated that full year crude demand in China would be around 508 million tons and domestic output around 210 million tons.
Some analysts believe that the need for overseas crude supplies may be much higher than the levels estimated by CNPC.