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China to reduce petroleum imports
13/Sep/2006: In a bid to reduce its reliance on petroleum imports, China has decided to base its energy supply on coal and renewable sources of energy.
With its economy growing at a prolific rate of over 10% for more than three years now, the demand for energy has gone up considerably in this country and so as the petroleum imports that feed this demand. China relies heavily on petroleum products, which meets nearly 40% of energy demand of this robust economy. However, the Chinese government was successful in reducing the net imports of petroleum products in the year 2005, which were lesser than that in 2004.
Coal accounts for 68% of the total non-renewable energies consumed in this country, while petroleum and natural gas account for 28% of the rest. China is the second largest producer of energy in the world and is the leading exporter of coal and coke. Its coal output reached 2.22 billion tons last year.
China’s decision to reduce its oil imports will not have any impact on the international crude oil prices, as China consumes only 6% of the world’s total crude output. Crude oil prices rose in 2005 in spite of a falling demand in China proving that the crude oil prices around the world are driven by speculation and not by actual demand for petroleum products. Hedge funds too have a role to play in pushing the crude prices up in the futures market.
Kesavan Siva
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