Tuesday March 09, 2010

China crude oil imports exceed 50% of total consumption, hits energy security alert level

peakoil.com -> chinadaily.com.cn :

China's oil imports will continue to see solid growth this year, with more than half of the country's total oil consumption coming from abroad, industry insiders said. It is inevitable for the country - the world's second largest oil consumer - to see a robust increase of imports, as domestic production cannot keep up with rising demand. China's oil dependency reached alarming levels last year with imports accounting for 52% of total consumption, China Business News reported. Importing more than 50% is a globally recognized level for an energy security alert.

China's oil imports in 2010 are expected to grow 5% from a year earlier, and the proportion of imported oil consumed may further rise to 54% this year. China imported 204 million tons of oil last year [1495 million barrels, or 4.1 mbpd], while total production was 190 million tons [1393 million barrels, or 3.8 mbpd]. The Middle East, Africa and the Asia-Pacific are the three main regions that supply oil for China. According to a report by the Chinese Academy of Social Sciences (CASS), 64.5% of China's oil consumption is likely to be met by imports in 2020. China's crude oil production may see a decline after 2020.

- The big question to be asked now is whether the proverbial rise of the Chinese consumer will survive a looming double dip recession in the rest of the developed world. Will China's internal demand pick up enough to keep China's GDP growth rates at 8-9% when the Western consumers crash and burn (again)? Maybe, maybe not. It depends on whether the Asian consumers have picked up enough momentum for the current trends like the China car sales jump, etc. to continue in a self-sustaining cycle.

See also :

1. China welcomes small cars back to its streets
2. China #1 in CO2 emissions
3. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
4. China car sales jump beyond imagination with 2-month wait

(2010-03-09 21:21:02 SGT) [Energy] Permalink

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out