Current location:business >>
China's demand to hit the peak for petroleum products before 2025
business6People have gathered around
IntroductionChina's demand for petroleum products may reach its peak before 2025, amid the country's green energ ...
China's demand for petroleum products may reach its peak before 2025, amid the country's green energy transition, according to a prediction from a think tank.
Oil demand in China is expected to continue rising in 2024 amid economic recovery, while natural gas has been emerging as a pivotal energy source to support domestic energy transition, according to an industry report released by the China National Petroleum Corp Economics and Technology Research Institute in Beijing on Wednesday.
Energy supply in China remained ample and stable throughout last year, according to the report. Crude oil production remained steadfast at 200 million metric tons throughout 2023, marking a sixth consecutive year of growth.
Natural gas production exceeded 230 billion cubic meters, demonstrating a seven-year streak of annual increases that surpasses 100 billion cubic meters, it said.
Petroleum consumption surged to a historical peak of 756 million tons, an 11.5 percent year-on-year increase, while refined oil consumption reached 399 million tons, up 9.5 percent compared with the same period of the previous year. Natural gas consumption rebounded last year, reaching a yearly total of 391.7 billion cubic meters, up by 6.6 percent year-on-year, it said.
China stepped up oil and gas exploration last year, investing 390 billion yuan, a 10 percent year-on-year increase. New geological reserves discovered included around 1.3 billion tons of oil and nearly 1 trillion cubic meters of natural gas, it said.
Despite a slowdown in the growth of domestic refining capacity, the petrochemical production sector continued its expansion last year, showcasing further diversification of market participants. The total refining capacity reached 936 million tons per year, with refinery utilization rates standing at 79.1 percent, it said.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Global Gathering news portal”。http://latvia.spaceforanything.com/news-55c799876.html
Related articles
Rangers are undefeated at .500 to keep World Series champs from a losing record with Bochy
businessARLINGTON, Texas (AP) — The reigning World Series champion Texas Rangers are undefeated this season ...
【business】
Read moreExperiencing New Charm of Ancient City
businessContact Us HomeNewsHighlightACWF NewsSocietyWom ...
【business】
Read moreLost in Love Song Melody, Scenery in Kangding
businessContact Us HomeNewsHighlightACWF NewsSocietyWom ...
【business】
Read more
Popular articles
- Liverpool confirms Arne Slot as Jurgen Klopp's replacement
- Virtues 'Cultivate' Family Members into Better People
- Working Hard During Golden Time
- Works from Fine Arts Exhibition of Chinese Women Artists
- Amir Khan's £11.5m luxury wedding venue finally hosts its first marriage: Bride arrives on horse
- A Couple's Efforts to Conduct Patriotic Education Among Children
Latest articles
Saudi Arabia is going to sponsor the WTA women's tennis rankings under a new partnership
Social Worker Warms Residents Through 'A Spoon of Rice'
Woman Guards 'Neurons' of China's High
Virtues 'Cultivate' Family Members into Better People
Analysis: Larson enters conversation with Verstappen as best drivers in the world
Table Tennis Legend Ages like Fine Wine
LINKS
- What WAS wrong with the Household Cavalry's horses yesterday? New video shows animals spooked
- Mead hits 1st homer of the season and Rays beat Tigers 7
- Army reservist who warned about Maine killer before shootings to testify before investigators
- DPRK top leader guides simulated nuclear counterattack drill
- Pesce's injury could mean a larger role for DeAngelo in the playoffs for the Hurricanes
- Dean Phillips gains his first delegates. Here’s why they’ll likely vote for Biden at the convention
- Connecticut Senate passes wide
- What WAS wrong with the Household Cavalry's horses yesterday? New video shows animals spooked
- Dutch TV series about Queen Maxima of the Netherlands has been sold to Spain's Atresmedia TV
- Industrial robot makers gear up for global expansion