Oil imports up 18% in first half
8 October 2007
China's net crude oil imports reached 108.2 million metric tons during the first half of this year, up 18% year-on-year, according to data from the General Administration of Customs, AFP reported. Domestic crude production rose 1.3% to 124.7 million tons over the same period. Industry observers warned that China's oil imports might account for more than 50% of China's petroleum needs within a year or two due to rapid economic growth. Last year, oil imports made up 47% of the country's overall consumption at 138.8 million tons of crude, up 16.9% from the previous year. China is currently the world's second-largest oil importer after the US.
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