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CNPC expert: China's oil demand to peak at 680 mln t in 2030

2015-09-18 20:38

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China's oil demand is likely to reach its peak around 2030, estimated to be 680 million tonnes, according to Chen Rui, a senior researcher with the CNPC Economics and Technology Research Institute.

China's oil demand will grow at a mild pace while the country's refining capacity continues to expand, Chen said on Friday at the 2015 China Petroleum and Chemical International Conference in Shanghai. China's oil consumption is expected to reach 608 million tonnes in 2020, with an average growth rate of 2.8 percent annually from 2015 to 2020.

The expansion will then slow down with the average growth rate falling to 1.1 percent annually between 2020 and 2030. In addition, China will rely more on imports to satisfy its oil demand. Its dependency will climb to 67.1 percent in 2020 and 70.6 percent in 2030, according to Chen.

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