Reuters. An executive at Sinopec’s institute for economic and technology research predicted that China’s oil demand will increase by up to one third by 2015 as car ownership grows fast from its current low base.
Despite the current economic slowdown and government energy saving efforts, oil demand in the second-biggest oil consuming country will grow to 410 million-420 million tonnes in 2010 from around 380 million tonnes in 2008, said Mao Jiaxiang, vice president of Sinopec’s institute for economic and technology research. Demand could hit 500 million-530 million tonnes by 2015 and 570 million-620 million tonnes by 2020, he told a conference in Beijing.
By way of comparison, in 2008, the US consumed approximately 967 million tonnes (7.1 billion barrels) of petroleum and petroleum products according to the US Energy Information Administration.
China’s consumption of gasoline, diesel and kerosene, 210 million tonnes last year, would be around 220 million tonnes in 2010, 300 million in 2015 and nearly 400 million tonnes in 2020.