Another Record Year

In a recently released Ministry of Commerce report, China, the world's second-largest oil consumer, is expected to consume 270 million tons of crude oil in 2004.

The report expects China's net oil imports to exceed 100 million tons in 2004.

Official statistics show that in 2003, China's net oil imports amounted to 97.39 million tons, including 82.99 million tons of crude oil, up 30% or so over the previous-year level.

Last year, the country's oil product demand was shored up by 11.4% mainly by the combination of a 9.1% economic growth and oil-fired power generating caused by an acute electric power shortage in the eastern and southern parts of China and a significant increase in car population.