Think tank: China will limit oil imports
Think tank: China will limit oil imports
Think tank: China will limit oil imports
DEC. 12 3:03 A.M. ET China will limit its oil imports to less than 50 percent of total oil consumption over the next 15 years, the Beijing Morning Post said Monday, citing an energy survey conducted by a state-sponsored think tank.
The findings contradict the assumptions of most foreign energy analysts, who see rising oil demand and near static oil production leading to a substantial rise in China's foreign oil imports.
The Morning Post reported that the Strategic Research Center on Oil and Gas, which is part of the Ministry of Land and Resources, found that China's oil demand would reach the equivalent of 7.28 million barrels per day by 2010, and that 3.26 million barrels per day -- 44.7 percent -- would come from foreign sources.
By 2020 demand would reach 8.63 million barrels per day, the center reportedly found, of which 3.83 million barrels per day -- 44.4 percent -- would be imported.
Most foreign oil analysts put China's expected oil imports in 2010 at 5-10 million barrels per day.
In 2004, British Petroleum's global oil survey put Chinese oil demand at 6.68 million barrels per day, of which just under 48 percent was imported. The demand figure represented an increase of more than 15 percent over 2003, reflecting the breakneck growth of Chinese economic development.
The growth rate for Chinese oil usage is believed to have slackened considerably in 2005.
According to the Morning Post's account of the oil and gas center's findings, China's oil reserves are expected to grow by up to 7 billion barrels annually between 2005 and 2020, permitting a substantial increase in domestic oil production.
British Petroleum said China's oil reserves grew only marginally between 1984 and 2003 -- from 16.3 billion barrels to 17.1 billion barrels.
The minimal growth rate came despite billions of dollars in local and foreign investment aimed at finding new oil resources.
Think tank: China will limit oil imports
DEC. 12 3:03 A.M. ET China will limit its oil imports to less than 50 percent of total oil consumption over the next 15 years, the Beijing Morning Post said Monday, citing an energy survey conducted by a state-sponsored think tank.
The findings contradict the assumptions of most foreign energy analysts, who see rising oil demand and near static oil production leading to a substantial rise in China's foreign oil imports.
The Morning Post reported that the Strategic Research Center on Oil and Gas, which is part of the Ministry of Land and Resources, found that China's oil demand would reach the equivalent of 7.28 million barrels per day by 2010, and that 3.26 million barrels per day -- 44.7 percent -- would come from foreign sources.
By 2020 demand would reach 8.63 million barrels per day, the center reportedly found, of which 3.83 million barrels per day -- 44.4 percent -- would be imported.
Most foreign oil analysts put China's expected oil imports in 2010 at 5-10 million barrels per day.
In 2004, British Petroleum's global oil survey put Chinese oil demand at 6.68 million barrels per day, of which just under 48 percent was imported. The demand figure represented an increase of more than 15 percent over 2003, reflecting the breakneck growth of Chinese economic development.
The growth rate for Chinese oil usage is believed to have slackened considerably in 2005.
According to the Morning Post's account of the oil and gas center's findings, China's oil reserves are expected to grow by up to 7 billion barrels annually between 2005 and 2020, permitting a substantial increase in domestic oil production.
British Petroleum said China's oil reserves grew only marginally between 1984 and 2003 -- from 16.3 billion barrels to 17.1 billion barrels.
The minimal growth rate came despite billions of dollars in local and foreign investment aimed at finding new oil resources.
posted by Marcel at 2:36 AM
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