China to import 58% of its crude needs in 2012: study

27 March 2012 10:17  [Source: ICIS news]

SINGAPORE (ICIS)--China’s 2012 crude and gas imports will rise to 58% and 30% of its total demand respectively, as its domestic production cannot increase fast enough to meet rising demand, a study said late on Monday.

China’s demand for crude oil in 2012 will increase at a higher rate than the 3.3% rise in 2011, said the China Oil and Gas Industry Development Analysis and Outlook Report Blue Book (2011-2012) released on Monday in Beijing.

The report - jointly written by China Petroleum Enterprise Association and China University of Petroleum - did not give any projections of China’s demand for crude and gas in 2012.

China imported 56.5% of its crude and 20.5% of its gas demand in 2011, said the report.

According to the report, Chinese demand for fossil energy in general grew by 3.3% in 2011, compared with 6.9% in 2010.

Its demand for natural gas increased by 20.5% in 2011, compared with 15.9% in 2010, said the report.

The report added that China’s supply and demand situation of oil products in 2012 will be balanced.

However, there will continue to be an excess supply of gasoline in the domestic market, while diesel supply will be tight.

In 2011, China imported 252.5m tonnes of crude, with 21.7% coming from its largest supplier, Saudi Arabia, according to China Customs.

China’s largest source of piped gas in 2011 was Turkmenistan, while Australia was its largest supplier of liquefied natural gas (LNG), China Customs said.

By: Fanny Zhang
+65 6780 4359

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