In 2005, China's crude oil imports rose 3.3 percent year-on-year
to 127 million tons, a growth rate 31.5 percent lower than 2004,
according to sources with the Ministry of Commerce.
China continues to be the world's third largest crude oil
importer after the United States and Japan, the ministry said.
The growth of China's crude oil import only accounted for some
10 percent of the world's overall growth in 2005, while in 2004 it
was 30 percent.
Well-informed sources attributed the slowdown of China's oil
import growth to the increase of domestic oil output and the
corresponding decrease in domestic oil demand.
In 2005, the average crude oil import price for China was
US$51.5 per barrel, US$2.80 lower than the international benchmark
price, the ministry said.
This shows Chinese companies are learning to protect their
interests in the international petroleum market and to avoid price
hikes, the ministry said.
As China's oil imports have soared due to its high-speed
economic growth in recent years, the country has been trying to
reduce its dependence on petroleum from overseas.
Figures show that China imported 120 million tons of crude oil
in 2004, or some 40 percent of its oil consumption.
"China will import less oil and oil products in 2006," Lu
Jianhua, director of the Foreign Trade Department of the Ministry
of Commerce, said.
Official statistics show China's primary energy consumption in
2004 was 1.97 billion tons of standard coal. Its domestic energy
supply capacity was 94 percent, among the highest in the world.
In 2004, China contributed some 11 percent of the global energy
output, according to statistics from the country's National Development and Reform
Commission. The country produced 1.956 billion tons of coal
that year. Adding together its oil, natural gas and other energy
output, China produced a total of 1.85 billion tons of primary
energy in terms of standard coal.
Currently, nearly 70 percent of China's energy demands are met
by coal, and petroleum accounts for more than 20 percent of the
country's energy supply.
Experts believe that developing new and renewable energies,
improving efficiency and keeping the growth of its demand for
imported oil at a moderate level will help sustain China's levels
of energy consumption.
(Xinhua News Agency January 28, 2006)