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CHINA'S OIL OUTPUT, CONSUMPTION BOTH HIT RECORD HIGHS IN 2007.
BEIJING, Feb 1 Asia Pulse - China scored new highs both in oil output and consumption in 2007, boosted by the robust growth momentum of its economy.
Sources with the China Petroleum and Chemical Industry Association, the industrial association of the country's petroleum and petrochemical sector, said on Thursday that China produced 186.7 million tons of crude oil in 2007, up 1.6 per cent from 2006.
The output makes a record high although the growth was slow, said Deng Xianrong, a research member of the Development Research Centre of the State Council, China's cabinet.
China's net import of crude oil hit 159.28 million tons last year, up 14.7 per cent. The apparent consumption of crude oil, representing the sum of net imports plus output, rose 7.3 per cent to 346 million tons in 2007. It means that some 46.05 per cent of China's crude oil consumption has to be met by imports.
The sizzling economy, soaring investment growth in the heavy industrial sector and cars crowding urban streets have driven up China's demand for oil.
China's gross domestic product (GDP) grew 11.4 per cent in 2007, the highest in the past 13 years, with industrial added value rising 18.5
per cent from a year ago.
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Source: HighBeam Research, CHINA'S OIL OUTPUT, CONSUMPTION BOTH HIT RECORD HIGHS IN 2007.