China's oil production ranks 4th in world, only meets half domestic demand

Although China has already overtaken Iran to become the world's fourth largest crude oil producer, China also has the world's second largest crude oil demand, and domestic production is still insufficient.

Ministry of Land and Resources said in 2009 China became the world's fourth largest crude oil producer after Russia, Saudi Arabia, and the United States, accounting for 5.4 percent of world crude oil production. According to National Development and Reform Commission figures, in 2009 China's crude oil output totaled about 189.4 million tons.

Nevertheless, compared with huge demand, China's output of 189 million tons is still unable to meet half the country's domestic demand.

It is noteworthy that the actual growth rate of China's domestic crude oil output last year was lower than the increase in demand.

Sinopec Group expert says, "in the recent three or four years, increase in crude oil production has hovered around 180 million tons to 190 million tons, with the annual growth rate 1 percent to 2 percent. It is still difficult to say whether in 2015 this could reach 200 million tons." Since 2000, China's oil demand growth has been around 5 percent or more.

Sinopec said it is almost impossible for China's crude oil production to surpass the United States (267 million tons) in five years. China's crude oil production is steady, but it has not been very easy to maintain over 180 million tons production.

By People's Daily Online