China, the world's biggest energy consumer after the U.S., said it is "unwise" to import more oil as international prices climb to historic highs.
"Our dependence on imported oil is already quite high at 47 percent," said Mu Hong, vice chairman of the National Development and Reform Commission, the country's economic planning agency.

Crude oil imports fell for the first time in 18 months in April as record crude prices discouraged Chinese refiners from buying oil to turn into fuels for sale at below cost. Oil prices have almost doubled in a year, increasing refining costs for China. "We will increase our energy efficiency," Mu told reporters in Beijing today. ... Read full article