China's oil consumption continued to top the world in 2012, with over 10 million barrels consumed per day, according to a BP report.
Surging demand for vehicles was behind the nation's voracious appetite for oil, the report said. China's share of the world's vehicle sales has risen to 25% in 2012 from 2% in 1992.
China's crude oil production capacity increased by 312,000 barrels a day in 2012, representing almost two-thirds of the global capacity expansion of 480,000 barrels a day, the report said.
China's oil refining capacity increased by 710,000 barrels a day in 2012, ranking first worldwide and well ahead of the runner-up India's daily addition of 300,000 barrels, the report said.
Over 71% of China's oil refineries were operating in 2012, and total annual refining capacity was 652 million tons, according to figures from Chem99.com.
"With 235 million tons of refining capacity to become operational in the next three years, China's oil refining capacity is expected to peak during that period," Chem99.com analyst Cheng Qing said. "This will probably lead to excess capacity, and then ramp up China's refined oil exports."
You are currently reading
total words in this article.
To continue reading this article, you must be a subscriber. Log in now..