What do the numbers say about the oil market in China?
A new report from the Asia-Pacific Research Institute (APRI) says oil prices are on the rise in China, driven by a surge in domestic demand, but that the situation is less certain there.
The report says China is still the world’s largest oil market and the global demand is expected to grow by 7 percent annually through 2030.
But the country is now running out of oil, APRI said in a statement Monday.
Including both domestic and foreign demand, China’s total petroleum production has already grown by 6.7 percent annually since 2011, according to the report, based on a survey of oil and gas experts conducted by the APRI.