China to stay net oil product importer

Oil demand in China will grow at an average daily rate of 540,000 barrels each year, much higher than the last 20 years, and the country will stay an importer through this decade, an analyst said. Diesel will account for more than 40% of the overall growth, or 230,000 barrels per day (bpd) a year over the next 10 years, because of increasing commercial transport demand, Sushant Gupta, downstream research analyst for Wood Mackenzie said in a report. Gasoline demand will grow at an annual rate of around 80,000 bpd, in line with China’s increasing car population while a rapidly expanding petrochemicals industry will lead to strong naphtha demand growth, he said. China is expected to continue importing oil products in the next decade as its demand growth is likely to surpass production, Gupta said. (May 12, 2010)