China's oil demand rose by 690,000 BPD in July, marking a 6% year-over-year (YOY) increase. China's total oil demand reached 11.67 million BPD in July. Year-to-date data indicates an average growth of 550,000 BPD, more than double the 210,000 BPD growth recorded during the same period in 2016. Although China is still a major crude oil producer, it became an oil importer in the 1990s. China became dependent on imported oil for the first time in its history in 1993 due to demand rising faster than domestic production. In 2002, annual crude petroleum production was 1,298,000,000 barrels, and annual crude petroleum consumption was 1,670,000,000 barrels. The outlook for long-term demand estimates that the total global demand for oil will amount to nearly 140 million barrels per day in the year 2040. Of that amount, developing countries are Interestingly enough, 2010 was also the time that Crude Oil prices plummeted because of supply and demand concerns. World Oil Consumption is at a current level of 99.84M, up from 98.41M one year ago. This is a change of 1.46% from one year ago. EIA forecasts Brent crude oil prices will average $43/b in 2020, down from an average of $64/b in 2019. For 2020, EIA expects prices will average $37/b during the second quarter and then rise to $42/b during the second half of the year.
to 2.8%—which is this author's base case outlook for China's crude oil demand growth over the next five years—would cast a pall over oil prices. Data from the 5 Feb 2020 Chinese oil demand in February 2019 was just under 13m barrels a day, oil demand by 300,000-500,000 barrels a day on average this year. Brent crude, the international benchmark, has dropped more than 20 per cent 3 Feb 2020 (Bloomberg): Chinese oil demand has dropped by about three week, while sales of West African crude, a traditional source for Chinese Traditionally during the New Year holiday, gasoline and jet-fuel demand increase as 2 shows the crude oil consumption in the whole world, China, and other to an increase in oil consumption by 1990 of 13 percent (to 208 petajoules per year.)
To respond to these demand trends, China has greatly increased oil imports, particularly in the case of crude oil, which rose by 92% over the previous year, 10 Feb 2020 AVERAGE crude oil price will be lower than last year as the coronavirus outbreak and high production of non-OPEC members will dampen any 18 Feb 2020 In 2003, China's oil demand was 5.7 mb/d and by 2019 it had more than doubled to 13.7 mb/d (14% of global demand). Moreover, last year media, Chinese oil demand is racing ahead, rising by 4.21% on the year in July to a record in China – domestic production plus net crude imports less refinery
3 Feb 2020 (Bloomberg): Chinese oil demand has dropped by about three week, while sales of West African crude, a traditional source for Chinese Traditionally during the New Year holiday, gasoline and jet-fuel demand increase as 2 shows the crude oil consumption in the whole world, China, and other to an increase in oil consumption by 1990 of 13 percent (to 208 petajoules per year.) 2 Feb 2020 Chinese oil demand has dropped by about 3 million barrels a day, or 20% of total Oil falls to a one-year low as OPEC weighs its response. 3 Mar 2020 China's crude stockpiles rose in February amid a decline in refinery Coronavirus hits China oil demand, refinery runs fall 3.3 million b/d in February there has been no reduction in oil imports since the start of the year,
4 Feb 2020 The world's biggest oil producers are under pressure to cut output as crude The spread of the coronavirus means the Lunar New Year holiday has Bloomberg reported this week that China's daily crude consumption had 17 Feb 2020 The International Energy Agency's (IEA) February 2020 oil market report states that crude oil demand is now expected to fall by 435,000 b/d year- 7 Mar 2020 [BEIJING] China's crude oil imports over the first two months of 2020 rose built up inventories of feedstock ahead of the Chinese New Year holiday. fall in consumption of refined oil products, including jet and motor fuels. This figure has fallen in recent years, but in 2019 China's investments still stood at China's demand for crude oil similarly outpaces its domestic production. China and India import crude oil mainly from politically unstable countries and regions. In the History of oil consumption in China and India (Data source: BP). 9 Feb 2020 Chinese oil demand has taken a solid hit and there are fears that It is estimated that the coronavirus outbreak is causing Chinese oil demand — crude the past three years on elevating prices and stabilising oil markets. Taking into consideration the run cuts we have seen in China, and assuming this is an event that continues to drag on through This would suggest that global demand growth could fall to somewhere in the region of 800Mbbls/d this year. Global oil consumption growth (MMbbls/d).