Current location:politics >>
China's demand to hit the peak for petroleum products before 2025
politics9People 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.“Stellar Space news portal”。http://iceland.downmusic.org/html-55d099876.html
Related articles
Kristin Cavallari, 37, ignores critics of her age
politicsKristin Cavallari is enjoying a romantic rendezvous with her much younger cowboy lover Mark Estes in ...
【politics】
Read moreCedric Mullins shines with his glove and bat as the Orioles down the Twins 7
politicsBALTIMORE (AP) — Cedric Mullins saved a run with an exceptional diving catch in deep left-center, th ...
【politics】
Read moreArtemi Panarin scores 49th goal as Rangers beat Senators 4
politicsNEW YORK (AP) — Artemi Panarin had a goal and an assist, Igor Shesterkin made 26 saves for his fourt ...
【politics】
Read more
Popular articles
- Election 2024: Biden and Trump bypassed the Commission on Presidential Debates
- Rockies lefty Freeland appears to injure right shoulder while pinch
- Hayao Miyazaki's animated fantasy stays atop Chinese box office
- Cedric Mullins shines with his glove and bat as the Orioles down the Twins 7
- Pentagon vows to keep weapons moving to Ukraine as Kyiv faces a renewed assault by Russia
- Canadian gov't announces plan to solve national housing crisis
Latest articles
Supreme Court rejects an appeal from a Canadian man once held at Guantanamo
QUENTIN LETTS: We can guess who plenty of Labour MPs would cheer in an Israel
Mike Trout's 2
Xi meets National Assembly of Vietnam chairman, urges strong sense of community with shared future
A warrant for Netanyahu’s arrest was requested. But no decision was made about whether to issue it
Xi meets Merieux Foundation president and his wife
LINKS
- Thai prime minister promises investigation after activist died in detention
- A new South Africa health law aims at deep inequality, but critics say they'll challenge it
- Travel expert breaks down the 10 things you should NEVER do as tourist visiting Cancun
- French president is considering imposing a state of emergency in the territory of New Caledonia
- Suspect in shooting of 2 Jewish men in Los Angeles last year agrees to plead guilty to hate crimes
- Honda recalling lawn mowers, pressure washer equipment due to injury risk when starting
- How major US stock indexes fared Tuesday, 5/14/2024
- Oakland Ballers make request to purchase old Coliseum bleacher seats used by NFL's Raiders
- Suspect in shooting of 2 Jewish men in Los Angeles last year agrees to plead guilty to hate crimes
- Bride and groom BLASTED for giving their wedding guests 'unreasonable' list of 15 rules to follow