China's Dependency On Oil Imports Hits Record High In July

China's Dependency on Oil Imports Hits Record High in July

BEIJING -- China's dependency on crude-oil imports hit a record high of 48.8% in July on a drop in domestic oil production and record volumes coming in from abroad.

Analysts say it is inevitable that the key 50% threshold will be broken as China's efforts to increase oil output won't be enough to offset increases in crude consumption.