World oil demand will peak at 104.4
million barrels per day (bpd) in the mid-2030s, up from just below the
current 100 million bpd.
million barrels per day (bpd) in the mid-2030s, up from just below the
current 100 million bpd.
It shall be so as new technologies
gradually eat into oil use, China’s Unipec said on Monday at the annual
Asia Pacific Petroleum Conference (APPEC) in Singapore.
gradually eat into oil use, China’s Unipec said on Monday at the annual
Asia Pacific Petroleum Conference (APPEC) in Singapore.
Unipec President Chen Bo said improved energy efficiency and technological changes are keys to the trend.
He also said that the rise of renewables
also meant global oil demand growth would slow in coming years and peak
at 104.4 million bpd in 2035my noting that in spite of trade disputes
between China and the U.S., crude supply was
an important new source for Chinese refiners.
also meant global oil demand growth would slow in coming years and peak
at 104.4 million bpd in 2035my noting that in spite of trade disputes
between China and the U.S., crude supply was
an important new source for Chinese refiners.
He added that “it allows diversification away from Middle East and African crudes, on which China has relied heavily” he said.
Trade war tensions between the United
States and China will last just “for the time being, and in the future
we’ll be active in this area,” he said.
States and China will last just “for the time being, and in the future
we’ll be active in this area,” he said.
Chen Bo also said China would reduce
Iranian oil imports because of looming U.S. sanctions against the Middle
East country due to start in November.
Iranian oil imports because of looming U.S. sanctions against the Middle
East country due to start in November.
There had not yet been a decision on how big these cuts would be.
