China’s oil demand growth may slow to 6.7 %

Nov 09, 2004 01:00 AM

China expects oil consumption growth to slow to 6.7 % next year from 20 % this year as government measures to crimp economic expansion take effect.
China's oil consumption may rise to 320 mm tons next year from an estimated 300 mm tons this year and 250 mm tons last year, according to a report by the State Information Centre. Crude oil imports may rise to 150 mm tons next year, from 130 mm tons this year and 91.1 mm tons last year.

China led growth in global oil demand in the past two years, contributing to the 61 % gain in the benchmark oil price in New York over the past 12 months. China has imposed lending and investment restrictions as it tries to slow growth to 7 % from a seven-year high of 9.3 % last year.
“With high oil prices we would need to practice energy-saving measures, to lower consumption and to expand exploration of oil and gas assets overseas," Zhu Zhixin, deputy director of the National Development and Reform Commission, said.

China's gross domestic product growth may slow to 8.5 % next year, from an estimated 9.3 % this year, the State Information Centre, which is run by the National Development and Reform Commission, said.
“China's government must continue with macroeconomic controls that are beginning to show initial positive effects," Lou Jiwei, vice minister for Ministry of Finance, said. “In industries such as coal, steel and oil, prices have increased very rapidly."

China's strong economy is boosting disposable income and car ownership, increasing demand for gasoline and diesel.
Auto production may rise 13 % to 5 mm units this year, the Ministry of Commerce said.

Source: Xinhua News Agency
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