China’s crude oil consumption may exceed 500m tonnes in 2013

19 November 2012 08:03  [Source: ICIS news]

SINGAPORE (ICIS)--China’s crude oil consumption is expected to exceed 500m tonnes in 2013, while its dependency ratio of crude oil imports is estimated to reach around 60%, industry sources said on Monday.

While the consumption of crude oil will remain stable in China, the growth rate may decline over the next five years, an industry source said at a global crude oil trade event in China.

Crude oil imports accounted for 84% of Sinopec’s total oil volumes in 2011, a rise from 76.7% in 2003, a source from the Chinese oil and gas company said.

Meanwhile, the dependency ratio of crude oil imports in China increased to 56% in 2011 from 41% in 2005, the industry source said.

The annual growth of crude oil imports in China is estimated to remain at around 8%, while the country’s total import volumes will reach 320m tonnes by 2015.

Globally, the annual growth for crude oil consumption will be 1.2% in 2016, lower than previous expectations of 1.3%, the industry source said.

By: Dolly Wu
+65 6780 4359

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly