Beijing, China, 03 Feb – China consumed 318 million tons of oil in 2005, 1.08 million tons less than in 2004, China’s National Commission for Development and Reform said Thursday.
The Commission also said that Chinese dependence on oil stood at 42.9 percent, 2.2 percent less than in 2004.
A researcher from the Chinese Academy of Social Sciences said that the decrease in oil consumption and imports were due to increased fuel prices, which last year reached US$70 per barrel of oil.
China produces its own oil and this year its production is expected to reach 148 million tons.
Pan Derun, vice-president of China’s Petroleum and Chemical Industry Association said meanwhile that the industry was looking to double domestic oil production in order to increase the country’s gross domestic product four-fold by 2020. (macauhub)