China “optimistic” .. 2% expected increase in oil imports



Al Ain newsletter Agencies
A research center affiliated with the National Petroleum Corporation of China expected that China’s imports of crude oil will increase by about 2% in 2020, and that consumption will rise by between 1 and 2%, amid low global crude prices.

The center also expects that China’s demand for refined oil products will decrease by about 5%, in the first contraction since 2000, with the outbreak of the industrial complexes Corona virus and the travel freeze.

It is estimated that China’s consumption of natural gas will increase 3% this year to 313.5 billion cubic meters, but it will be the slowest annual growth in two decades.

China’s economy shrank 6.8% in the first quarter compared to a year ago, for the first time since at least 1992, as the virus outbreak paralyzed production and spending and stepped up pressure on the authorities to do more to halt job bleeding.

Last month, Moody’s credit rating agency expected the economies of emerging members of the Group of Twenty, with the exception of China, to contract by 3.5% this year, while it expected these economies to grow by 3.2% before the outbreak of the virus, and the Corporation expects the Chinese economy to grow by 1% this year.

China’s imports of crude oil increased by 9.5% year on year in 2019, to record highs for the seventeenth consecutive year, while demand growth from new refineries built last year boosted purchases of the world’s largest importer of crude.

Last year, China imported a record 506 million tons of crude oil, up 9.5 percent from the 2018 level, according to data from the General Administration of Customs. This equates to 10.12 million bpd, according to Reuters data-based calculations.

China ‘s oil imports have been at record levels every year since 2003, according to customs data from Refinit Akon.


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