CHINA: CRUDE OIL IMPORTS TO TOP 50 MILLION TONS IN 2000.(Brief Article)(Statistical Data Included)

IPR Strategic Business Information Database, November, 2000

According to China Daily (November 22, 2000), China's crude oil imports are expected to top 50 million tons in the year 2000. In recent years, these oil imports have been increasing and last year they surpassed 40 million tons. China, a world leader in oil production, is also a big oil consumer.

As of 1993, the country shifted from an oil exporter to and oil importer. In 1999, China's oil output stood at approximately 160 million tons, but its demand reached 200 million tons, and it continues to grow at an annual rate of about 4 percent. Unless technological breakthroughs or major discoveries are made, this trend of demand surpassing supply will continue. Experts say that the oil imports are expected to make up 40 percent of total consumption in 2010.