With imports expected to account for 80% of China's oil demand by 2030, China is revisiting its energy policy to meet current and future energy supply challenges. Since 1993, when China became a net importer of oil, demand has grown at a pace 4.7 times faster than the growth of domestic production. According to the Energy Information Agency, China's consumption in 2007 reached 7.8 million b/d, with imports accounting for 49% of demand. China's conventional oil production is expected to peak at 3.9 million b/d early in the next decade and then to begin to decline. Oil imports will jump from 3.5 million b/d in 2006 to 13.1 million b/d in 2030, accounting for 80% of demand.
展开▼
