• 18 hours This Will Be the Answer From China On U.S. Tariffs
  • 8 hours Bad News For The Climate: Coal Burning, And Carbon Emissions, Are On The Rise Again
  • 21 hours France Terrorist Attack?! At Least One Dead In French Supermarket Hostage-Taking
  • 10 hours China's Yaun/Gold backed Futures contracts
  • 1 day Twitcoin....
  • 17 hours U.S. Charges, Sanctions Iranians For Global Cyber Attacks on behalf of Tehran. What about sanctions on Russia?
  • 2 days Snowden Reveals Bitcoin Transactions Being Tracked by NSA
  • 8 hours Canada Bent On Ruining Its Oil Industry
  • 2 days Elon Musk’s $2.6 Billion Tesla Challenge
  • 18 hours Surprise! Aramco Scraps International Listing Plans
  • 16 hours The Facebook/Cambridge Analytica Scandal
  • 8 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 2 days Getting out of oil .. now
  • 2 days U.S. Judge To Question Big Oil On Climate Change
  • 2 days EU Proposes Online Turnover Tax For Big Tech Firms
  • 19 hours HAPPY RIG COUNT DAY!!
Alt Text

The Power Has Shifted In LNG Markets

Analysts predict that some $8…

Alt Text

Natural Gas Is Under Attack

Natural gas has gained a…

Alt Text

Are Oil Stocks Stagnating?

It has been a wild…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Chinese Oil Demand Growth To Slow Down This Year


China’s crude oil demand growth could slow down this year to 4.2 percent from 2017, versus 5.5 percent last year, S&P Platts analysts have estimated. The China Oil Analytics division of the agency estimates that this year, demand will grow by half a million bpd, which is in line with estimates made by the research institutes of China’s biggest oil companies CNPC and Sinopec.

Last year, China turned into the world’s top oil importer as its crude oil imports exceeded those of the U.S. on a monthly basis for most of the year. Now Chinese crude oil import volumes have also surpassed the American imports in annual figures, as it brings more refining capacity online and fills strategic inventories, while domestic oil production continues to decline.

January crude imports jumped to a new record, at 9.57 million barrels daily, but forecasts of slower GDP growth are making analysts wary of overly optimistic projections.

Sanford Bernstein is also skeptical about oil demand growth in the world’s top consumer. Higher oil prices and weaker GDP growth will inevitably lead to weaker oil demand,” the research firm said. "The focus is shifting from quantity to quality and (from) economic growth to environment. This means energy consumption would be capped due to improving energy efficiency and tight environmental control."

As part of these environmental control measures, China is raising its natural gas consumption—and naturally, imports. In December, gas imports hit an all-time high, as the country fought a cold spell amid efforts to reduce its dependence on coal in favor of natural gas. At 7.89 million tons—including pipeline flows and LNG shipments—the December figure beat the previous record, booked in November, by 20 percent.

Local production is also on the rise—at the fastest rate since 2014—but it is still lagging behind demand growth. This means more pipeline gas and LNG imports, too, seen at 114 billion cubic meters, including both pipeline supplies and LNG.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Back to homepage

Trending Discussions

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News