|21 May, 2020

China's crude oil imports to rise 2% y/y in 2020 - CNPC Research

China's natural gas consumption is estimated to rise 3% this year

Hengli Petrochemical's new refining, petrochemical complex is seen at Changxing island in Dalian, Liaoning province, China July 16, 2018. Image used for illustrative purposes.

Hengli Petrochemical's new refining, petrochemical complex is seen at Changxing island in Dalian, Liaoning province, China July 16, 2018. Image used for illustrative purposes.

REUTERS/Chen Aizhu

BEIJING- China's crude oil imports are expected to increase by around 2% in 2020 amid lower prices, while apparent crude oil consumption is seen rising by 1-2%, according to a think tank affiliated to China National Petroleum Corp (CNPC).

The think tank expects China's refined oil products demand to fall by about 5%, the first contraction since 2000, as the coronavirus outbreak shut industrial plants and froze travel.

China's natural gas consumption is estimated to rise 3% this year to 313.5 billion cubic metres (bcm), but it would be the slowest annual growth in two decades.

(Reporting by Muyu Xu and Tom Daly) ((muyu.xu@thomsonreuters.com; +86 10 56692117;))

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