China's increasing dependence on foreign oil is matter of concern
Shanghai. November 11. INTERFAX-CHINA - China's crude oil imports surged 26.9 percent year-on-year to 20.80 million tons in October, leading energy industry bodies to express concern over China's increasing dependence on foreign oil.
China imported 209.16 million tons of crude oil in the first 10 months of the year, a 5.9 percent year-on-year increase, according to statistics released by the General Administration of Customs Nov. 10.
"Currently, more than 55 percent of China's crude oil is imported," Han Qiang, an energy consultant in Beijing told Interfax Nov. 11. "Being overly dependent on foreign oil is putting China's energy safety at risk."
"However, we are short of viable solutions outside of importing more oil. Our vulnerability to foreign oil imports will continue to grow unless major breakthroughs occur in the renewable energy sector over the next decade," said Han.
The China Petroleum and Chemical Industry Association warned last week at the 2011 China International Oil and Gas Resources Development and Trade Forum in Beijing that foreign oil would make up 60 percent of China's crude oil consumption by 2015 at current growth levels.
Furthermore, the International Energy Agency noted in its World Energy Outlook 2011 released Nov. 9 that China is set to takeover the European Union as the world's largest oil importer by 2020.
-WV