China's crude oil consumption growth slows output growth less than consumption growth
The China Petroleum Enterprise Association and China University of Petroleum have jointly released the Blue Book of Analysis and Outlook for the Development of China's Oil and Gas Industry (2011-2012). The Blue Book said that under the influence of the slowdown in economic growth, China's crude oil consumption growth has shown signs of slowing, while domestic crude oil production growth is even lower.
According to the Blue Book, the growth of domestic fossil energy demand has slowed down as the economic growth has slowed down and inflation has become more apparent. In 2011, the apparent consumption of crude oil was 453 million tons, a year-on-year increase of 3.3%, and a decrease of 3.6 percentage points from 2010.
The growth rate of domestic crude oil production is not as fast as consumption growth, and there are signs of slowdown. Data show that in 2011, domestic production of crude oil totaled 203 million tons, an increase of 1% year-on-year. The growth rate was approximately 5.9 percentage points lower than that in 2010.
Looking ahead to 2012, the “soft landing†of China's economy is a basic trend, and the growth rate of domestic oil demand will recover slightly, but it is still lower than the average level in recent years. It is expected that the growth rate of oil and gas production in the year will rebound slightly at the 2011 level. Supply continued to be tight, the overall balance of supply and demand of refined oil, gasoline will continue to supply more than necessary, tight diesel supply.
In 2011, China continued to expand its sources of imports, increase oil and gas imports, and net imports of 250 million tons of natural crude oil throughout the year. Crude oil has an external dependence of 55.2%, an increase of 1.5 percentage points from the previous year.
At present, the situation in Iran is still unclear. The market fears that if the US-Iran relationship deteriorates further, it may lead to a tight supply in the global crude oil market. The international oil price has been supported by this factor and has oscillated for more than two months at the price of US$100.
The data published in the Blue Book shows that last year China’s major crude oil import source countries reached 24, of which the top three were Saudi Arabia respectively, accounting for 19.6%; Angola, 12.1%; and Iran, 10.9%.
According to the Blue Book, the growth of domestic fossil energy demand has slowed down as the economic growth has slowed down and inflation has become more apparent. In 2011, the apparent consumption of crude oil was 453 million tons, a year-on-year increase of 3.3%, and a decrease of 3.6 percentage points from 2010.
The growth rate of domestic crude oil production is not as fast as consumption growth, and there are signs of slowdown. Data show that in 2011, domestic production of crude oil totaled 203 million tons, an increase of 1% year-on-year. The growth rate was approximately 5.9 percentage points lower than that in 2010.
Looking ahead to 2012, the “soft landing†of China's economy is a basic trend, and the growth rate of domestic oil demand will recover slightly, but it is still lower than the average level in recent years. It is expected that the growth rate of oil and gas production in the year will rebound slightly at the 2011 level. Supply continued to be tight, the overall balance of supply and demand of refined oil, gasoline will continue to supply more than necessary, tight diesel supply.
In 2011, China continued to expand its sources of imports, increase oil and gas imports, and net imports of 250 million tons of natural crude oil throughout the year. Crude oil has an external dependence of 55.2%, an increase of 1.5 percentage points from the previous year.
At present, the situation in Iran is still unclear. The market fears that if the US-Iran relationship deteriorates further, it may lead to a tight supply in the global crude oil market. The international oil price has been supported by this factor and has oscillated for more than two months at the price of US$100.
The data published in the Blue Book shows that last year China’s major crude oil import source countries reached 24, of which the top three were Saudi Arabia respectively, accounting for 19.6%; Angola, 12.1%; and Iran, 10.9%.
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