Annual crude oil imports to top 100m tons
(Xinhua)
Updated: 2004-03-24 11:07

China's annual crude oil imports will exceed 100 million tons this year, according to a report by the Ministry of Commerce issued Tuesday.

China's oil market will keep booming and the supply will meet demand on the whole, the report said, predicting China's annual consumption of crude oil to reach 270 million tons this year.

But the supply in some parts of the country and in some specific oils might be affected by seasonal and logistic factors, the report said.

According to the report, the consumption of petrol, diesel oil and coal oil will add up to 136 million tons, up 4.6 percent year-on-year. The oil price will be flexible and maintain the general level of last year.

China's need for oil soared by 11.4 percent year on year in 2003, making it the world's second largest oil importer, following the United States.

The average price of oil and oil goods also surged by 11.8 percent in Chinese market last year.