Oil import dependence to stay at 70pc, says CNPC

China's reliance on oil imports is projected to remain at around 70 percent in the country's 2026-2030 five-year plan, according to an outlook released by state-owned China National Petroleum Corporation on Tuesday.

The country's dependence on natural gas imports is expected to decrease slightly to 45 percent in the plan, CNPC said.

In 2024, China's crude oil imports from top supplier Russia rose 1 percent to a record high versus 2023, while purchases from Saudi Arabia dropped 9 percent.

Volumes from Russia including pipeline and seaborne supplies amounted to 108.5 million tonnes, while Saudi Arabia, the largest producer of the Organization of Petroleum Export Countries, shipped in 78.64 million tonnes or about 1.57 million barrels per day versus 1.72 million bpd in 2023.

REUTERS