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China to consume 350m tons of oil in 2007

China to consume 350m tons of oil in 2007

Shanghai: China's total consumption of oil is expected to reach 350 million tons this year.
Jiang Xinmin, a specialist with the National Development and Reform Commission's Energy Research Center, said on June 30 in Shanghai that China's annual oil consumption has been growing over eight percent since 2000.
Last year saw 340 million tons of oil consumed, but the record will climb to 350 million tons this year. In contrast, the annual growth of domestic oil production remains slow at 1.5 to 2 percent. As a result, China is increasingly dependent on overseas oil resources. Being a net oil exporter before 1996, China had to import nearly half of the oil consumed in 2005. However, oil prices have risen to US$70 a barrel from US$25 a barrel in 2003.  [03/07/07]

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