A research group, the Institute of Economics and Technology, a research branch of the CNPC (China National Petroleum Corporation), has declared it very probable that the actual oil requirement (calculated by adding the refined fuel import network to the production of the refineries) Chinese increase this year by 5%, signaling a slowdown in the growth of oil consumption. "Demand growth in the first half of 2012 will be slower given last year's very high baseline given the overall deceleration of the economy," the group wrote in its report, "but is likely to grow more rapidly in the second half." half thanks to the easing of inflationary pressure and the government's less restrictive credit policy”.
China is, after the United States, the world's second largest consumer of oil, and the report of the Institute of Economics and Technology, an emanation of the CNPC, the largest among the national energy groups, calculates that the net import of crude oil amounts to 266 million tons this year, or 5,3 million barrels per day, a figure that would represent a growth of 5.9% on the official import data for 2011.
The report also predicts that the national production of crude oil grows by 5,4% in 2012, reaching 470 million tons. The institute also states that China will complete the addition of new crude oil tanks, in line with phase two of the strategic plan for oil reserves which, launched in early 2009, has a total capacity of 170 million barrels, also if it is not known how much of this capacity is currently ready for use. Industry experts estimate that China's current energy reserves, which include commercial and strategic reserves, can cover approximately 40 days of demand.
The report also says that China's natural gas consumption to grow 16,3% this year to more than 150 bcm. China will also increase the liquefied natural gas (LNG) imports up more than 30% this year for more than 16 billion tons or 22 billion cubic meters.
Imports via the Central Asia pipeline will grow by two-thirds to 25 billion cubic meters and China will also increase its crude oil refining capacity for the 38,2, thus bringing the own total refining capacity up to 11,6 million barrels per day.
