China’s oil imports continue rapid rise

Allen Baker

China expects to import 110 million tons of oil this year, or 2.2 million barrels daily, according to People’s Daily. That would be an increase of 21 percent over 2003.

Refined product imports are expected to total 40 million tons, or 800,000 barrels daily, an increase of 40 percent.

Domestic crude production is expected to total 172 million tons for this year, meaning imports now account for more than a third of China’s rapidly growing consumption. Net imports are expected to cost the country $30 billion this year, up from $2 billion in 2003.

In 2003, China accounted for 40 percent of the total increase in world oil demand.

By 2020, the Chinese government expects China’s demand to reach 450 million tons a year (9 million barrels daily), while China’s domestic production is projected to peak at 200 million tons, or 4 million daily barrels.