The globe’s second-largest consumer intends to cap its reliance on foreign crude oil at 61 percent by 2015, according to the State Council as cited by The Wall Street Journal.
As noted in the 12th five-year plan for energy development in China, the plan for 2015 would mark an increase as compared to last year, when the Asian nation imported 57 percent of its crude oil. Trailing only the U.S. for consumption of the energy commodity, the Asian nation purchased slightly more than 271 million metric tons of the crude oil from foreign sources last year.
Capacities for crude-oil refining would rise to 620 million tons while output of products using refined oil products would increase to 330 million tons within three years, according to the State Council.
Global regulator the International Monetary Fund slashed its forecast for growth and development amid conjecture suggesting supplies of the energy commodity in the U.S. increased, according to Bloomberg.
Losses on Wednesday mark the first trading session in five days that the energy commodity has lost value, according to Bloomberg.
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