Pickup in Chinese economic activity, optimized COVID-19 measures to boost off-take after fuel usage contracted last year Oil and gas consumption in China is expected to rise this year as the economic recovery will rapidly increase energy off-take, experts from industry and policy think tanks said.

Oil consumption is expected to grow by 5.1 percent year-on-year to 756 million metric tons in 2023, with refined oil products up 9.1 percent to 398 million tons, driven by an overall recovery in the country's economy, a report released in April by the Beijing-based Economics and Technology Research Institute showed.

The institute, which is affiliated with the country's largest oil and gas producer and supplier, China National Petroleum Corp, said demand for natural gas will also rise rapidly from last year, with annual consumption expected to climb at a rate of 5.2 percent to reach 386.5 billion cubic meters.

Source: By Zheng Xin, chinadaily.com, June 06, 2023 [https://epaper.chinadaily.com.cn/a/202306/06/WS647e6612a3106e73106c4365.html]