China’s crude import rise to its second highest level
By Leman Zeynalova – Trend:
Chinese crude oil imports rose by 27,000 barrels per day (b/d) to 8.811 million b/d in June – its second highest level, according to the report of the Joint Organizations Data Initiative (JODI).
JODI data shows that the country imported 8.784 million b/d of crude in May 2017.
The highest volume of oil import by China this year so far was recorded in March at 9.197 million b/d, according to JODI.
Earlier, China National Petroleum Corporation (CNPC) said in its annual long-term energy outlook that energy consumption in China, the world's second-largest economy will peak by 2040, later than the previous forecast of 2035.
The country’s energy demand will peak then at 4.06 billion tons of oil equivalent, up from the previous forecast of 3.75 billion tons five years prior.
China's oil demand will reach a ceiling of 690 million tons a year, equivalent to 13.8 million barrels per day, by 2030, CNPC said.
Oil demand will grow at an annual rate of 2.7 percent until 2020, slowing to 1.2 percent until 2030, the report said.
Annual crude output will remain around 200 million tons, or 4 million bpd, until 2030, at which point it will start to fall.
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