China’s oil production to peak in 2015 – report

China’s crude oil production will peak at about 190 mln tons by 2015, according to a report by the China News Service.

The report cited Pang Xiongqi, professor at the China University of Petroleum, who also said that the country’s natural gas production would peak at 120 bln cubic meters by 2035.

China faces even more serious energy supply challenges once the peak has been passed, Pang said, and will be forced to spend more of its foreign currency reserves on increasingly expensive crude imports.

Forbes