From the China Economic Net: “Since 2003, China has become the second largest oil import and consumption country, only next to the United States. In that year, China’s oil consumption reached 250 million tons, with 91.12 million tons imported; and China’s dependence on oil import has amounted to 35 percent. What’s more, the number of days of comprehensive store for crude oil reserved for internal usage of China’s oil system is only 21.6 as China does not have strategic reserve storage up to now.
Under pressures from the oil situation, the Chinese government is vigorously launching its energy diplomacy. Among 14 countries that President Hu Jintao has visited in his 4 times overseas visits since his accession, six, i.e. Russia, Kazakhstan, Egypt, Gabon, Algeria, and Uzbekistan, have oil cooperation with China. And China has signed oil supply-demand agreements with all these oil-producing countries. ”
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