PetroChina: Oil demand in 2015 increased by approximately 19% from last year

A report released by the China National Petroleum Corporation’s Institute of Economics and Technology (Friday) on Friday (December 16) stated that China’s oil demand in 2015 will increase to 535 million tons, an increase of 19% from last year’s 449 million tons, of which 299 million tons of refined oil demand.

China is the second largest oil consumer in the world. According to the report, considering the effective substitution of other energy sources, China National Petroleum Corporation (CNPC) will maintain its growth demand before 2020, but the growth rate will decline significantly. It is expected that China’s oil demand will reach 603 million tons in 2020, including The refined oil was 354 million tons.

The report also pointed out that due to factors such as environmental carrying capacity, resource affordability, and urban transport system capacity, the growth rate of vehicle ownership will slow down and the demand for gasoline will also slow down.

The report estimates that the demand for diesel in China will reach 233 million tons by 2020, of which the proportion of transportation will exceed 60%.

The report stated that with the gradual fall in the growth rate of investment in China in the future and the rapid development of alternative energy sources, it is expected that the growth in demand for diesel by Chinese industry will slow down significantly. In the future, China's diesel demand center will continue to shift to the tertiary industry.

CNPC is the parent company of listed company PetroChina.

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