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Domestic output meets half of oil demand

By Hu Yang (chinadaily.com.cn)
Updated: 2010-02-09 11:36

Although China replaced Iran to rank as the No 4 biggest oil producer in 2009, domestic output can only meet half of the country's demand, reported the China Business News, citing official statistics.

A report posted on the website of the Ministry of Land and Resources said China's oil output in 2009 accounted for 5.4 percent of the world's total, following Russia, Saudi Arabia and the US.

China's 2009 domestic oil output reached 189 million tons, while the amount of imports was 204 million tons, according to official statistics.

An expert from Sinopec said that China's oil demand can be roughly calculated by adding the output and import numbers, which means China's output only accounted for 48 percent of its oil demand in 2009. The expert also said the annual output increased by about 1 to 2 percent in recent years, which is lower than the increasing rate of the demand.

The newly increased demand is mainly met by imports, a management member of Sinopec said, adding that the company's takeover of Addax Petroleum Corp in 2009 has boosted its overseas oil production.