China's demand for overseas crude to expand this year

China's dependency on foreign crude will continue to increase this year despite the ongoing strife in major oil-producing nations like Iraq, a leading industry think tank said on Tuesday.

According to a report published by China National Petroleum Corp, the country's largest oil and gas producer, China is expected to import 298 million metric tons of crude this year, accounting for about 58.66 percent of the total crude consumption in the country.

The company's research institute estimated that full year crude demand in China would be around 508 million tons and domestic output around 210 million tons.