Chinese Supply-demand Imbalance of Oil Will Exist
Posted: 10/07/2014 02:10:03 Edited: 10/07/2014 03:10:03 Clicks: 2306
Chinese economy develops steadily and rapidly, which boost the demand for energy, especially for oil. China is the second largest oil consumer. Every aspect of economic development needs oil.
China never stops exploring oil. However, domestic total demand of oil grows at a high speed in recent years. Total production of oil is less than total demand of oil. And its growth rate is also lower than growth rate of total demand, which results in larger and larger gap between supply and demand. Supply-demand imbalance of oil is prominent increasingly.
According to the data of Chinese statistical yearbook in 2003, Chinese total production of oil was 2.59 hundred million tons standard coals in 2005. Total consumption of oil was 4.67 hundred million tons standard coals. Gap of oil between supply and demand was 2.08 hundred million tons standard coals. In 2006, gap between supply and demand reached 2.37 hundred million tons standard coals, increasing by 14%. Gap varied quite gently during 2007 to 2009, which were respectively 2.60 hundred million tons standard coals, 2.59 hundred million tons standard coals and 2.77 hundred million tons standard coals. In 2010, the growth rate of gap was as high as 18% and gap reached 3.26 hundred mullion tons standard coals. In 2011, gap was 3.58 hundred million tons standard coals, increasing by 10%, 3.85 hundred million tons standard coals, rising by 7%. In 2012, Chinese foreign trade dependence of oil increased to 56.4%.
It is predictable that foreign trade dependence of oil will increase constantly for gas of oil between supply and demand expanding increasingly.
In 2012, oil production in Canada and Russia could meet their own demand. Neither of them had gap of oil between supply and demand. But Chinese gap increased by 109.8 million tons during 2006 to 2012. In the future, gap will keep its expanding tendency which will not be optimistic.
China never stops exploring oil. However, domestic total demand of oil grows at a high speed in recent years. Total production of oil is less than total demand of oil. And its growth rate is also lower than growth rate of total demand, which results in larger and larger gap between supply and demand. Supply-demand imbalance of oil is prominent increasingly.
According to the data of Chinese statistical yearbook in 2003, Chinese total production of oil was 2.59 hundred million tons standard coals in 2005. Total consumption of oil was 4.67 hundred million tons standard coals. Gap of oil between supply and demand was 2.08 hundred million tons standard coals. In 2006, gap between supply and demand reached 2.37 hundred million tons standard coals, increasing by 14%. Gap varied quite gently during 2007 to 2009, which were respectively 2.60 hundred million tons standard coals, 2.59 hundred million tons standard coals and 2.77 hundred million tons standard coals. In 2010, the growth rate of gap was as high as 18% and gap reached 3.26 hundred mullion tons standard coals. In 2011, gap was 3.58 hundred million tons standard coals, increasing by 10%, 3.85 hundred million tons standard coals, rising by 7%. In 2012, Chinese foreign trade dependence of oil increased to 56.4%.
It is predictable that foreign trade dependence of oil will increase constantly for gas of oil between supply and demand expanding increasingly.
In 2012, oil production in Canada and Russia could meet their own demand. Neither of them had gap of oil between supply and demand. But Chinese gap increased by 109.8 million tons during 2006 to 2012. In the future, gap will keep its expanding tendency which will not be optimistic.
