China expects High demands on oil
China National Petroleum Corporation predicted that growing demand on oil in China this year at a faster pace towards 4 per cent with the start of new refineries due to inactive economic growth, which is likely to be one of the factors that have contributed to record the smallest increase in five years in 2013. According to Reuters ' China has made the second largest oil importer in the world and its role in determining prices increase demand for most of the past decade and helped slow down consumption in China to curb prices while exports from Iran and the disruption of supplies from Libya. The company projected in the annual report of the Research Institute continued to grow NET crude imports grew 7.1 percent to 298 million tons or 5.96 million barrels this year.
And beyond the company's expectations, the International Energy Agency forecast that predicted in December that rising demand in China 382 thousand barrels a day this year, or the equivalent of 3.7 per cent in 2013. It was not clear how the company oil consumption data, this means greater reliance on foreign crude to 58 per cent this year on the basis of the company's expectations for the production of 509 million tons refineries ' 10.2 million barrels a day. The report said that production capacity would rise rapidly and will strengthen the demand for crude oil; crude production locally will rise only 2.2 per cent, and rarely announces China oil data makes it difficult to gauge the real demand.