May 21, 2020 / 5:43 AM / 12 days ago

China's crude oil imports to rise 2% y/y in 2020 - CNPC Research

BEIJING, May 21 (Reuters) - China’s crude oil imports are expected to increase by around 2% in 2020 amid lower prices, while apparent crude oil consumption is seen rising by 1-2%, according to a think tank affiliated to China National Petroleum Corp(CNPC).

The think tank expects China’s refined oil products demand to fall by about 5%, the first contraction since 2000, as the coronavirus outbreak shut industrial plants and froze travel.

China’s natural gas consumption is estimated to rise 3% this year to 313.5 billion cubic metres (bcm), but it would be the slowest annual growth in two decades. (Reporting by Muyu Xu and Tom Daly)

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