IEA: China will be the 2nd biggest oil consumer in 2004

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Last updated at: (Beijing Time) Tuesday, January 13, 2004

IEA: China will be the 2nd biggest oil consumer in 2004

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According to recent Oil Market Report issued by International Energy Agency (IEA) China will need 5.8 million barrels of oil every day in 2004. This indicates that China would replace Japan as the second biggest oil consumption country in the world.

The report shows that in 2004 China's daily oil consumption will be 5.8 million barrels, which means 800,000 tons (one ton is about 7.3 barrels) every day. In other words, China's total oil consumption in 2004 would be about 0.3 billion tons.

People at C NPC (China National Petroleum Corporation) said China's oil consumption was 0.25 billion tons last year. In 2004 China's need of oil will be about 2/3 of the production of Saudi Arabia, whose yearly oil output is the biggest in the world - about 0.45 billion tons, and the combined production of Iran and Kuwait. As for now global oil output is about 3 billion tons. America's yearly oil consumption is about 1 billion tons as compared to Japan's 0.3 billion tons. China's oil consumption this year will be about 1/10 of global oil output, second only to the United States in oil consumption.

By People's Daily Online

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