+
Although the
growth of China’s oil consumption is set to decrease during the 12th
five-year plan (2011-2015), oil import dependency is expected to exceed 60% by
2015. This is partially due to the fact that domestic oil production has
entered a stable growth stage.
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According to the ‘2010
China Land and Resources Communiqué’ released by the Ministry of Land and
Resources, China’s oil import dependency was 54.8% in 2010.
+
Based on the oil
consumption elasticity of 2005-2010 and the economic growth rate of 2011-2015,
it is estimated that oil consumption will grow at about 4% in 2011-2015,
amounting to consumption of 500-520 million tons oil in 2015.
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Related Data: Composition of Total Petroleum Avaiable for
Consumption, 2009 Proven Crude Oil Reserves by Country, Crude oil imported
volume and value, Crude oil imported value by country.
Imports proportion of petroleum keeps on increasing with the
development of China.
Due to very limited oil reserves, China has to import most of crude
oil from overseas.
For more data of oil
industry and companies, please visit www.chinascopefinancial.com
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