OPEC raised its forecast for oil production in China in 2016
Almaty. December 11. Silkroadnews - According to OPEC forecasts, oil production in China will rise to 4.36 million barrels a day by year's end, said in the official December report of organization.
Meanwhile, in 2016 it is expected that oil production in China will increase to 10 thousand barrels per day compared with the previous year and will average to 4.37 million barrels of oil in a day. According to quarterly oil production in 2016 it will amount to 4.35 million barrels of oil per day; 4.36 million barrels of oil per day; 4.37 million barrels of oil per day and 4.42 million barrels of oil per day, respectively.
According to the OPEC forecasts, growth of oil demand in China in 2016 will remain at 6.4%.
However, it notes that the petrochemical industry and the growth in refining capacity could increase oil demand forecast in 2016.
According to OPEC, oil demand growth is determined by the growth in demand for gasoline and jet fuel, while the growth in demand for diesel fuel and other petroleum products slowed.
It is reported that the demand for diesel fuel decreased by about 0.15 million barrels a day, or about 4% compared to the previous year, while demand for liquid fuels has changed slightly in October, reaching 2 thousand barrels per day, or 0.4% of the level recorded previously.