China's Crude Oil Imports Exceed 60 Million Tons

China's imports of crude oil exceeded 60 million tons from January to November this year, representing a 97 percent increase over the same period of last year.

Figures recently released by the General Administration of Customs show that China imported 64.56 million tons of crude oil during the first 11 months this year. The imports cost China US$13.5 billion, up 240 percent, due to the price rise in the international market.

Oil prices rose markedly since early last year, from about US$10 per barrel in January last year to the summit of US$38 a barrel on September 7 this year, before falling below US$30 recently.

China ranked fifth in the world in terms of oil output in the past 13 years. But it became a net oil importer in 1993, and imported about 40 million tons of crude oil last year.

In 1999, China's oil output continued to stand at around 160 million tons, but demand reached 200 million tons, and is still growing at an annual rate of about four percent.

Experts noted the trend of demand surpassing supply will continue in China if no major discoveries of oil fields or technological breakthroughs are made, and oil imports are expected to make up 40 percent of the country's total consumption in 2010.

People's Daily Online --- http://english.peopledaily.com.cn/