Rapid growth in automobile and other industries drives China's crude oil imports to record high
The surge in automobile production and other key industries has pushed China's crude oil imports to a historic high. According to the latest data, by the end of November this year, China imported 81.87 million tons of crude oil, marking a year-on-year increase of nearly 30%. This is the highest level ever recorded. The strong economic growth throughout the year has significantly boosted oil consumption, with the automobile sector—directly linked to crude oil demand—growing at a rate exceeding 30% this year.
Additionally, the demand for diesel in power generation, infrastructure development, and construction sectors has continued to rise, expected to surpass 240 million tons. Meanwhile, domestic crude oil production has only grown by about 1.2% since 1996, far from meeting the rising demand driven by rapid economic expansion.
Experts predict that China’s crude oil imports will reach 90 million tons next year, surpassing Japan to become the world’s second-largest importer of crude oil. 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 country should encourage efficient oil use, maintain domestic production as much as possible, and effectively utilize both domestic and international resources. Additionally, he highlighted the importance of implementing an "outward-oriented" strategy to secure stable energy supplies in the long run.
With the growing dependency on foreign oil, China is now focusing on diversifying its energy sources and strengthening global partnerships to ensure energy security and sustainable development.
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