China's Foreign Oil Dependency Rises

China’s foreign oil dependency level reached 64.4percent of total demand in 2016,3.8 percent higher than the previous year,and was expected to rise again in 2017,according to a leading economic think tank in China.The mainland’s domestic crude production dropped to 200million metric tons in 2016 due to high production costs of domestic crude oil at an average of US$45-50 per barrel,