test


Member ID:
Password: 
Stay logged in for 30 days
Forget Your Password?
close

login CCFGroup App

Economy | Time: Apr 24 2019 8:36AM
Oil demand growth expected to slow: Energy agency
 
Text size
The growth of China's demand for oil is expected to slow as the country's economic restructuring and ever-stringent environmental policy tightens, according to Oil 2019, the International Energy Agency's annual outlook for global oil markets released in Beijing on Tuesday.

This is against the backdrop that world oil demand growth is expected to remain solid with a slowing pace of growth. The demand growth is underpinned by China and India, and by the growing importance of petrochemicals as the industry invests to meet rising consumer demand, according to the outlook.

China's growth will slow while India's demand will remain robust, and by 2024 we forecast that India's annual volume growth will equal China's, it said.

This is in accordance with a previous energy outlook released by BP, which believes China's energy demand growth is expected to slow to 1.1 percent per annum by 2040, less than one-fifth of its pace in the last 22 years of 5.9 percent per annum.

Much of the increase in energy demand will be concentrated in developing Asia, including India and China, where rising prosperity and improving living standards will support increased energy consumption per head, it said.

According to IEA, the oil refining industry also will face a wave of new capacity, with net refining capacity growth reaching 9 million barrels per day. China will exceed the United States and become the one with the world's largest refining capacity as of 2024.

As the new capacity is beyond the growth of the oil, some refinery plants will be shut down to rebalance the market, it said.

Source: Chinadaily
Related Articles
China's foreign trade to regain momentum in H2
China to further lower logistics costs to aid recovery
Premier believes regional economic pact coming this year
Factory profit decline slows
China's central bank injects 120 bln yuan into market Wednesday
Latest on the novel coronavirus outbreak (May 28, 2020)
Latest on the novel coronavirus outbreak (May 26, 2020)
China to prune negative list
Tianjin Container Freight Index up 0.02%
China to drive global GDP growth this year and next
 
Research
Analysis on spandex for ear bands for masks in 2020
Analysis on spandex industry supply and demand
Recent coal-based MEG market overview and outlook
Polyester and downstream market operation and outlook
PTA: Impact of capacity expansion cycle and cost collapse
 
 

浙公网安备33010902000742号