Chinese Mandarin - China lacks 130 megaton crude oil this year

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China lacks 130 megaton crude oil this year

www.chinanews.cn 2005-08-04 11:48:29

Chinanews, Aug. 3 - Prices of oil products are still hovering at a high
level. The Ministry of Commerce predicts that China's demand of crude oil
will reach 310 million tons this year. The country's crude oil output in
2005 is expected to reach 180 million tons; thus the shortage will amount
to 130 million tons.
A recent report released by the ministry shows that China will need more
than 230 million tons of oil products this year, increasing about 5% over
last year. Demand of gasoline will exceed 54 million tons, up 4% over a
year earlier. Demand of diesel oil will be 110 million tons and that of
fuel oil will reach 54 million tons, growing 6.5% and 5%, respectively,
over last year.
The ministry also estimates that the crude oil demand will reach 310
million tons, up about 6% year on year. Output of crude oil will be 180
million tons, increasing 3%, only half the growth rate of demand. As the
130 million ton shortage will rely on import, the dependency ratio of
crude oil will exceed 43% this year, nearly 2% higher than last year.
The ministry believes that the international oil price will continue to
fluctuate at a high level in the second half. The energy demand in the
globe will maintain robust and the domestic energy consumption will
continue a vigorous trend. Tense energy resulting from high demand will
emerge to some extent in some regions at different periods. On the whole,
prices of energy products will maintain a high level.

          ��CNPC produced 65m tons of crude oil in 1st half (2005-07-22)
          ��PetroChina set a record in crude oil output (2005-07-19)
          ��Crude oil settles at record in New York in two decades
(2005-06-25)
          ��Crude oil surges to record .47 (2005-06-20)
          ��Russian crude oil arrives (2005-04-19)
          ��PetroChina to import Canadian crude in 2009 (2005-04-18)
          ��China's import of crude oil has limited effect on world
prices (2005-03-08)

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