Think tank says crude oil im­ports will in­crease

China Daily (Canada) - - NEWSCAPSULE -

China’s de­pen­dency on for­eign crude will con­tinue to in­crease this year de­spite the strife in ma­jor oil-pro­duc­ing na­tions like Iraq, a lead­ing in­dus­try think tank said.

Ac­cord­ing to a re­port pub­lished by China Na­tional Pe­tro­leum Corp, the coun­try’s largest oil and gas pro­ducer, China is ex­pected to im­port 298 mil­lion met­ric tons of crude this year, ac­count­ing for about 58.66 per­cent of the coun­try’s to­tal crude con­sump­tion.

The com­pany’s re­search in­sti­tute es­ti­mated that full year crude de­mand in China would be around 508 mil­lion tons and do­mes­tic out­put around 210 mil­lion tons.

Some an­a­lysts be­lieve that the need for over­seas crude sup­plies may be much higher than the lev­els es­ti­mated by CNPC.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.