China’s net oil imports up 18 percent

Net imports reached 108.2 million tonnes from January to August, Xinhua news agency said, quoting figures from the General Administration of Customs (GAC).

The world’s second-largest oil importer, China has seen its demand for energy rocket as a result of its explosive economic growth, which has been indouble digits for four consecutive years.

It has been a net importer of oil since 1993 and imported 138.8 million tonnes of crude in 2006, up 16.9 percent from the previous year.

Imports last year accounted for 47 percent of the country’s overall consumption, and industry observers have warned imports might make up more than 50 percent of China’s petroleum needs in a year or two.

Chinese demand has been identified as at least partly responsible for currently high oil prices.