CNPC Report: China's Dependency on Imported Crude Oil to Approach 60 Percent in 2013

ChinaScope Financial reports that according to the report released by China National Petroleum Corporation (CNPC) Economics & Technology Research Institute yesterday, China's oil demand for 2013 is expected to reach 514 million metric tons, up 4.8 percent year-on-year (YoY). The nation's dependency on imported crude oil will be close to 60 percent this year. The report also forecasts that China's oil demand will reach 588 million metric tons in 2020 and 700 million metric tons in 2030.

The report said that China will promote pricing reforms on oil and gas products. This would benefit the refining industry and reduce losses caused by the current natural gas import policy. In addition, the development of natural gas will obtain more government support in the future.

The report predicts China's apparent consumption of natural gas for 2013 to reach 165 billion cubic meters, up 11.9 percent YoY. The total import volume of natural gas is estimated to reach 53 billion cubic meters this year, up 23.8 percent.