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China to produce 180 million tons of crude oil this year

China's output of crude oil will go up to 180 million of ton this year, increasing by 3 percent over last year,predicted by the Ministry of Commerce.

On the other hand, China's demand for oil will go up to 310 million tons,increasing by six percent, said the ministry.

That means that a total of 130 million tons of gap between demand and supply, or 43 percent of supply, will rely on import. The proportion will be 2 percentage points higher than last year, added the ministry.

The ministry said China's crude oil supply will grow slowly, but the demand will grow rapidly, bringing the price to a high level.

The demand for refined oil will be over 230 million tons, up 5 percent over last year. Of the total, the demand for gasoline will exceed 54 million tons,increasing by 4 percent on a year-on-year base, and that for diesel oil will stand at 110 million tons, up 6.5 percent, and for fuel oil, at 54 million tons, up five percent.

During the second half of this year,the international price of oil will hold high,and the demand for energy sources will be strong, said the ministry. It added that the domestic consumption of energy sources will also continue to boom, with short supply in some areas sometimes.


Source: xinhua