Rapid growth in automobile and other industries drives China's crude oil imports to record high
The surge in automobile production and other industrial sectors has pushed China's crude oil imports to an all-time high. According to the latest data, by the end of November 2003, China imported 81.87 million tons of crude oil, marking a year-on-year increase of nearly 30%. This represents a new record for the country's oil imports. The strong economic growth throughout the year has significantly boosted oil consumption, with the automobile industry—directly linked to oil demand—growing at a rate exceeding 30% this year. Meanwhile, the demand for diesel fuel in power generation, infrastructure development, and construction has also been on the rise, expected to surpass 240 million tons.
Despite this growing demand, domestic crude oil production has only increased by about 1.2% since 1996, far from meeting the needs of China’s rapid economic expansion. Analysts predict that China’s crude oil imports will reach 90 million tons next year, surpassing Japan to become the world’s second-largest oil importer.
Zhou Dadi, Director of the Energy Research Institute under the National Development and Reform Commission, emphasized that the increasing reliance on oil imports is a long-term trend. He pointed out that the government should not only encourage efficient oil usage but also strive to maintain domestic production levels. Additionally, it is crucial to effectively utilize both domestic and international resources, while implementing a strategy of "going global" to secure stable energy supplies for the future.
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