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China will still be the largest contributor to global oil demand growth.

China will still be the largest contributor to global oil demand growth.

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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China will still be the largest contributor to global oil demand growth.

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information
International Energy Research Agency Platts energy information August 31 issued a forecast report that although China's economic growth has slowed in recent years, but in the foreseeable future, China will still be the greatest contribution to the country of global oil demand growth.
Platts energy information Asia Pacific oil and refining product management director Karen, Chen said: "China is pushing the global oil market demand, and the supply of refined oil is also growing. The investors and the oil companies are very interested in a deeper understanding of the laws and Chinese consumption of oil refining capacity."
In recent years, the rapid growth of China's crude oil imports, has become the world's second largest oil importer. Platts believes, Chinese will continue to rely on imports of crude oil to meet the rapid development of the coastal oil refining base demand. But with the diversification strategy of crude oil imports, China's crude oil imports will change in the future: the Middle East oil will fall, while Russia and Latin American oil will rise.
His prediction, the next 5 years, the Middle East crude oil accounted for China imported crude oil ratio will be reduced from the current 52% to 50%. By contrast, Russia is turning its focus to Asian consumers, is expected to gain more market share in China in the future. In this year, Russia has replaced Angola as the second largest oil supplier in china.
In addition, the success of the U.S. shale oil and gas revolution makes the United States the supply of local crude oil. The original flow of crude oil to Asia to find a way out.
That's, Latin American oil producers will be more active in the oil sales to asia. 2020 is expected to account for about 15% of China's crude oil imports. In 2014 the proportion was 11%.
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