China's Foreign Oil Dependency Rises

• 来源期刊: 中国油气（英文版）
• 年，卷（期）: 2017,（1）
• 页码范围: 48-49
• 页数: 2页
• 语种: 英文

摘要

China's foreign oil dependency level reached 64.4 percent of total demand in 2016.3.8 percent higher than the previous year,and was expected to rise again in 2017,according to a leading economic think tank in China.The mainland's domestic crude production dropped to 200 million metric tons in 2016 due to high production costs of domestic crude oil at an average of US$45-50 per barrel,higher than the global average,said CNPC Economics and Technology Research Institute.Under such circumstances,imported oil was more cost-effective,it said. An analyst said the world's second-biggest crude oil consumer-to make up the decline of domestic oil output -will continue the trend to import crude from abroad and the dependence on foreign oil was likely to climb further.Li Li,an energy research director at ICIS China,said the country's foreign oil dependency level might increase to 70 percent by 2020.