China's total apparent oil demand will likely rise 6.2 percent this year to about 9.66 million barrels per day, slowing from 11.4-percent growth last year, a CNPC research arm has forecast. The slower pace of growth in the world's second-largest oil user, was mostly due to a high base last year, when fuel consumption was spurred by stronger-than-expected economic expansion that has left the government having to battle 2-year-high inflation.
China will slow down adding new crude refining capacity this year, at an estimated 24.5 million tonnes, or 490,000 bpd, versus last year's addition of 640,000 bpd, company officials told Reuters, citing a company research report. CNPC also forecast that the country would process 8.68 to 8.88 million bpd crude this year, compared with last year's 8.42 milion bpd. The modest increase in both the new capacity and incremental crude throughput would likely force China to raise its net refined fuel imports, which in December already rose to its highest since July 2008.
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