China’s growing demands for oil

Due to low oil prices, China’s oil imports got a new record. Even if oil price is rising in the future, with the demand of social needs, China’s oil import will still keep rising.

Vice chairman of the FEG energy consultancy Wukang said: “over the years we have been looking for a turning point, now finally arrives, China is entering a long period of stagnation and recession, caused serious influence on oil production.”

Over the years, due to a surge in domestic demand for oil, China can barely benefit from ageing oil fields, but because of the lack of new recoverable oil field to keep production growth. Oil prices also led to the sharp slump in recent years, the state-owned oil giant, to stop the productivity of oil wells, that what keeps capacity declined.

At the same time, with declining oil productions, and increasing domestic oil demands, China needs to import more oils that can be satisfied.

News link: www.kaysuns.com/news/chinas-demands-more-for-oil-import/