China’s oil import ratio to hit 60% next year

Beijing: China will import around 60% of the oil it uses next year, up from an anticipated 57% this year. “Crude oil demand of China will continue to increase in the coming years,” said Gao Shixian, assistant director-general of the energy research institute of the National Development and Reform Commission.

This year, China is expected to import about 280m metric tons crude oil, and estimates suggest 300m of the 500m metric tons China will consume next year will come from overseas.  [16/11/12]

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