China's Oil Consumption to Rise 7%

China's oil consumption would rise by 5.4 percent to 7.0 percent, according to a report of the National Development and Reform Commission.

Given the global oil price at a high level of 55 to 65 U.S. dollars, the transport sector would consume 75 percent of the oil since auto consumption has entered a reasonable and stable-growth phase, it said.

Refineries of Sinopec and PetroChina, China's two major oil producers, have pulled out all stops. However, China still needs a refining capacity of 17 million tons to meet the demand, the report said.