China's Oil(Oil Product) Supply & Demand Situation and Countermeasures Ensuring Petroleum Security

China's oil consumption will continue to maintain a higher growth rate in 2007~2020, while the growth of oil production will be difficult to meet the demand, and the degree of dependence on imported oil is increasing and will reach 64.5% by 2020. The existing problems of petroleum security in China include more serious imbalance between oil supply and demand, lack of oil reserve, lack of means responding to abnormal fluctuations of world oil price, imperfect management systems and mechanism, etc. In the future, we should make great efforts to solve the basic problem of oil resource acquisition and oil supply security by means of strengthening capacity-building of oil supply and energy-saving, greatly developing alternative energy, establishing the perfecting oil reserve system and oil economic management system, and improving overall strength of China's oil industry and international competitiveness of national corporations.