Crude Oil Output Shows an Increase for the First Four Months of 2015
For the first four months of 2015, crude oil output in China has reached 69 million tons showing a year on year increase of 1.6 percent. The number is based on data collected from a top economic planner in China. Furthermore China refined 155 million tons of crude oil during that period or up 3.6 percent year on year and refined oil production increase 5.2 percent or 98 million tons.
Consumption of refined oil that is calculated as production plus imports, then minus exports have also increased by 4.8 percent year on year or to 89 million tons. The economic planner also stated that natural gas output reached a total of 45 million cubic meters for the period of January to April an increase of 4.7 percent year on year. Natural gas imports also increased by 7 percent or 19 billion cubic meters as consumption reached 62.9 billion cubic meters.
China’s big appetite for natural gas has increase slowly together with industrialization and urbanization initiative that was designed to help cut carbon emissions. Energy giant British Petroleum has predicted that China’s dependence rate on imports or oil and natural gas will increase by 75 percent and by 40 percent in 2035 which will make China the world biggest energy importer.