China's Dependency on Imported Oil Hit 56.4 pct in 2012

Data released by the National Development and Reform Commission shows that China produced 207 million metric tons of crude oil in 2012, up 1.9 percent year-on-year (YoY). China imported 271 million metric tons of crude oil, up 7.3 percent YoY, while exported 2.44 million metric tons of crude oil, down 3.5 percent YoY. The apparent consumption of crude oil for 2012 was 476 million metric tons, up 4.9 percent YoY. The nation's dependency on imported oil for 2012 stood at 56.4 percent.

Last year, China processed 468 million metric tons of crude oil, up 3.7 percent YoY. Meanwhile, the nation produced 282 million metric tons of refined oil, up 5.5 percent YoY. Specifically, the output of gasoline, kerosene, and diesel was 89.8 million, 21.3 million, and 171 million metric tons, up 10.3 percent, 13.7 percent, and 2.3 percent YoY respectively.
 
In 2012, China imported 7.16 million metric tons of refined oil and exported 12.2 million metric tons of refined oil, down 16.9 percent and 3.3 percent YoY respectively. The decline was primarily due to relatively sufficient supply in the domestic market and increased government control on refined oil export.