Your current location:HOME >business >China's demand to hit the peak for petroleum products before 2025 正文
TIME:2024-05-21 13:06:11 Source: Internet compilationEdit:business
China's demand for petroleum products may reach its peak before 2025, amid the country's green energ
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.
Kosovo prepares a new draft law on renting prison cells to Denmark after the first proposal failed2024-05-21 13:02
China deploys in2024-05-21 12:45
Hainan eyes bigger role in nation's opening2024-05-21 12:34
Xinjiang lab to boost aircraft checks2024-05-21 12:31
NBA playoffs: Edwards leads Wolves to 982024-05-21 12:07
China launches new meteorological satellite2024-05-21 12:01
Automakers aiming to become shipshape as exports make waves2024-05-21 11:53
China gathers pace in integrating new technologies into transportation sector2024-05-21 11:26
Ricky Stenhouse punching Kyle Busch could lead to suspension2024-05-21 11:26
Mainland a hot holiday attraction for HK tourists2024-05-21 10:33
Kate Hudson hits the stage to debut songs from her new album Glorious at star2024-05-21 12:35
Huawei's new mobile OS coming on June 22024-05-21 12:24
EU set to fine Apple $540 mln for unfair play2024-05-21 12:20
Xinjiang set to boost air trip business2024-05-21 12:02
Insider Q&A: CIA's chief technologist's cautious embrace of generative AI2024-05-21 11:48
Airlines see significant recovery in bookings2024-05-21 11:39
Peng Liyuan Attends UNESCO Award Ceremony for Girls', Women's Education2024-05-21 11:20
China now S. Korea's top e2024-05-21 10:36
Burglar hurled stolen mobile phones at police from the top of 60ft high roof during nine2024-05-21 10:23
China's Earth science satellite transmits images home2024-05-21 10:22