China's demand for petroleum products may reach its peak before 2025, amid the country's green energy transition, according to a prediction from a think tank.
Oil demand in China is expected to continue rising in 2024 amid economic recovery, while natural gas has been emerging as a pivotal energy source to support domestic energy transition, according to an industry report released by the China National Petroleum Corp Economics and Technology Research Institute in Beijing on Wednesday.
Energy supply in China remained ample and stable throughout last year, according to the report. Crude oil production remained steadfast at 200 million metric tons throughout 2023, marking a sixth consecutive year of growth.
Natural gas production exceeded 230 billion cubic meters, demonstrating a seven-year streak of annual increases that surpasses 100 billion cubic meters, it said.
Petroleum consumption surged to a historical peak of 756 million tons, an 11.5 percent year-on-year increase, while refined oil consumption reached 399 million tons, up 9.5 percent compared with the same period of the previous year. Natural gas consumption rebounded last year, reaching a yearly total of 391.7 billion cubic meters, up by 6.6 percent year-on-year, it said.
China stepped up oil and gas exploration last year, investing 390 billion yuan, a 10 percent year-on-year increase. New geological reserves discovered included around 1.3 billion tons of oil and nearly 1 trillion cubic meters of natural gas, it said.
Despite a slowdown in the growth of domestic refining capacity, the petrochemical production sector continued its expansion last year, showcasing further diversification of market participants. The total refining capacity reached 936 million tons per year, with refinery utilization rates standing at 79.1 percent, it said.
Related articles:
Related suggestion:
Boeing 737 catches fire and skids off the runway at a Senegal airport, injuring 10 peopleI'm a vet and you should beware of these 4 garden plants that are harmful to dogsTikTok to start labeling AILondon is set to become 'ManhattanFamily make lastBride calls out wedding guest's 'disrespectful' RSVP: 'This is not how invitations work'Huge fire at a chemical storage tank in Thailand kills one and injures 4Cheap and common supplement could cure colds two days quicker than normal, study findsIn a secret lockSanchez grabs biggest career win on Giro Stage 6 and Pogacar stays in front
2.5825s , 6505.921875 kb
Copyright © 2024 Powered by China's demand to hit the peak for petroleum products before 2025 ,Stellar Station news portal