China to See Average 3% Annual Increase in Oil Consumption Till 2020

China is expected to see an average three pct annual increase in its crude oil consumption until 2020, the Economic Daily reported, citing Chen Geng, head of PetroChina Co Ltd, the country’s largest oil producer.

Chen said the widening gap in crude oil supply is becoming a major factor curbing the country’s economic growth and crude oil imports will further rise to meet the gap.

China’s imports of crude rose 34.8 pct last year to 122.72 mln tons, making it the second largest importer in the world after the US.

Imports are expected to account for over half of China’s oil needs by the end of the decade, from under 30 pct just five years ago, according to government estimates.
Forbes