BEIJING (AP) – China says its oil imports will jump by nearly 10 percent this year to 100 million metric tons (700 million barrels), making up 40 percent of its consumption.
The announcement by the National Development and Reform Commission comes amid soaring power demands by China’s booming economy that have led to shortages in areas throughout the country.
China imported 91 million tons (640 million barrels) of oil last year, according to the government. Until the 1990s, China supplied all of its needs from its domestic oil fields.
The NDRC’s projection for this year was reported Monday by the official Xinhua News Agency.
China has signed a string of deals to buy oil and gas from countries as far-flung as Sudan to Venezuela in recent years in an attempt to secure future supplies.