25 August 2019

China to see lower petroleum use amid green drive, paper says

China’s petroleum consumption will slow to an average annual growth rate of 2.5 percent in the seven years to 2020 as the government tries to rein in economic growth and reduce carbon emission, China Daily reported Friday. The figure will fall to 1.5 percent in the succeeding 10 years, the report said, citing Dai Jiaquan, deputy director of the Oil Market Research Office of the CNPC Economics and Technology Research Institute. China will consume 590 million metric tons of petroleum in 2020 with a smaller growth rate. By 2030, consumption will be about 690 million tons, CNPC estimates show. The country used 490 million tons of petroleum in 2012, up 4.7 percent from the previous year. Meanwhile, natural gas consumption hit 144.5 billion cubic meters last year, up 12.8 percent year on year, and much higher than the growth in petroleum use.

– Contact HKEJ at [email protected]


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