China – Overseas oil dependence ratio surpasses 55%

China reported a record surge of crude oil imports in 2010, buying more than 200 million tons of overseas crude. The country’s overseas crude dependence ratio surpassed 55 percent, the Economic Information reported Monday, citing an industry report.

The report was issued by the China National Petroleum Corp (CNPC) Research Institute of Economics and Technology. It said that China’s strong economic performance drove soaring oil demand in 2010. The nation consumed about 455 million tons of oil last year, up 11.4 percent, or 47 million tons, from the previous year.

Oil demand growth is expected to decline this year, the report said. The nation is estimated to need 483 million tons of oil in 2011, up 6.2 percent from 2010.