China's oil demand will reach 560 million tons in 2020

Liu Xiaoli, deputy director of the National Development and Reform Commission's Energy Economics and Development Strategy Research Center, said in Beijing on the 23rd that by 2020 China's oil demand will reach 560 million tons to 600 million tons.

Liu Xiaoli stated at the 2009 China-Russia-Central Asian Petroleum and Natural Gas Forum that China’s oil demand is in a period of rapid growth. In 2008, China’s oil consumption accounted for only 18% of the primary energy consumption structure, and consumption levels remained low.

She said that combining the findings of multiple agencies and taking into account the development of new energy in China, it is expected that by 2015 China's oil demand will reach 490 million tons to 520 million tons, and it will continue to grow by 2020.

In 2008, China's domestic crude oil production reached 190 million tons, of which 84.8% of its production came from land-based oil fields, net imports of nearly 200 million tons of oil, and foreign oil dependence reached 51%. In the future, China's domestic oil supply will mainly depend on the increase in production of western oil fields and offshore oil fields and the stable production of old oil fields.

Liu Xiaoli expects that by 2010, China’s crude oil production will reach 200 million tons, and by 2020 China’s crude oil production will be between 200 million and 220 million tons.

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