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China's crude production ranks 4th

China's crude production ranks 4th
China has overtaken Iran to become the world's-fourth largest crude oil producer, but its domestic production is still insufficient.

China's crude oil production ranks 4th in world.

China has overtaken Iran to become the world's-fourth largest crude oil producer, but its domestic production is still insufficient. In 2009, China became the world's fourth-largest crude oil producer after Russia, Saudi Arabia, and the US, accounting for 5.4 percent of world crude oil production, the newspaper said, citing data from the Ministry of Land and Resources. Meanwhile, according to National Development and Reform Commission figures, China's crude oil output last year totaled about 190 million tons (3.82 million barrels a day (bpd)).

Compared with huge demand, China's output of 190 million tons is still unable to meet half of its demand in the world's second-biggest energy market, the newspaper said. It is noteworthy that the actual growth rate of China's domestic crude oil output last year was lower than the increase in demand.

"In the recent three or four years, increase in crude oil production has hovered around 180-190 million tons (3.61-3.82 million bpd), with the annual growth rate 1 percent to 2 percent," the daily quoted an expert from China's top refiner Sinopec as saying. "It is still difficult to say whether in 2015 this could reach 200 million tons (4.02 million bpd)," he added. Since 2000, China's oil demand growth has been around 5 percent or more, the report said.

www.turkishmaritime.com.tr

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