Chinanews, Beijing, Feb. 13 – In 2006, China’s degree of dependence on international oil market reached 47%, or 4.1 percentage points higher than in 2005, according to information released by the Market Operation Deparment of the Ministry of Commerce (MOC), the China Securities Journal reported.

 

Experts predict that within a year or two, China’s oil dependence on international market will reach 50%. As a result, crude oil prices on international market will affect the price of domestic oil products and related production materials to a larger degree. The international oil market might even affect the overall domesetic oil pricing system. Experts say that China should establish its own oil reserve bases as quickly as possible.

 

In 2006, China’s crude oil production output reached 183.68 million tons, increasing by 1.7% than in 2005. China’s net oil imports reached 162.87 million tons, up 19.6% year on year, of which the net crude oil imports reached 138.84 million tons, up 16.9% year on year, and the net imports of petroleum reached 24.03 million tons, up 37.9% than 2005.