China's oil dependence on foreign countries exceeds 54%

According to the 2010 China Land and Resources Bulletin issued by the Ministry of Land and Resources, China’s mineral trade increased by 42.9% year-on-year. The dependence on foreign oil is 54.8%, and the dependence on iron ore is 53.6%.

According to the communique, in 2010, the output of major energy, metals, and non-metallic minerals in China increased by a large margin, and the newly discovered oil reserves were 1.1 billion tons. Last year, China’s oil consumption was 380 million tons, while output was only 203 million tons, and a large amount of crude oil needed to be imported.

Last year, China’s geological and mineral exploration investment grew rapidly, with an annual investment of 95.30 billion yuan, a year-on-year increase of 14.7%. New reserves of major minerals, such as oil, natural gas, coal, and iron ore, continued to grow, with a new exploration of 2 billion tons of oil fields and 6 gas fields of 30 billion cubic meters or more.