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.
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