China's dependence on imported oil rose to 55.2% in the first five months of this year, from 55% in 2010 and 33% in 2009, the official news agency Xinhua reported Sunday, citing figures from the Ministry of Industry and Information Technology.

China's oil consumption surged 10.3% year on year to 198 million mt (1.45 billion barrels or 9.61 million b/d)) over January-May, the data showed. In the same period, oil imports rose 11.3% to 107 million mt.

China will need 644 million mt/year of crude oil at the lowest forecast demand for 2030, according to a study of the nation's mid- and long-term energy development strategy by the Chinese Academy of Engineering.

The ministry expects annual oil consumption to reach 468 million mt this year, up 6.5% from 2010.

Source:chemnet.com