Recently, National Development and Reform Commission publicly claimed that China imported about 204 million tons crude oil in 2009, which pulls the import dependence over the international warning line of 50% to 52%. However, the production of crude oil last year was cut to 189 million tons, dropping for the first time in 28 years. In the Blue Book on Energy published in the middle of 2009, the crude oil import dependence of China is to reach 64.5% in the coming ten years. The National Energy Administration stressed at the forum of ‘Energy, Economy, and Development 2010’ that one of the major tasks of the newly founded National Energy Commission was to create national energy strategies. The long existing concept that energy production must meet economic development might be replaced by the idea that ‘economic development also needs to consider energy conditions’.

　　What does it mean to China when import dependence of crude oil is over 50%? Will Chinese enterprises continue to focus on resources and energy in investment overseas? Will the three leading oil companies remain their ‘international’ strategy to develop oil and gas beyond China? Will China accelerate its progression in oil reserve? Will indicators for energy saving and emission reduction be able to release a little bit of the pressure on imported energy? And will consumers be influenced by price fluctuation when purchasing gasoline?

　　Xiamen is to celebrate the 11th China Oil Trade Conference, March 23, 2010, and the questions above will be answered. This will be the largest one in China to attend domestic oil market. Some foreign state oil giants from Saudi Arabia, Azerbaijan, Algeria, Russia, and Kuwait will join with CNPC, SINOPEC and CNOOC in Xiamen at summit talks. About 400 oil dealers will present at the conference to discuss the new pattern of international oil industry.