China To Consume Less Oil

China announced that next year its oil consumption growth will slow to 6.7 percent as government measures to crimp economic expansion take effect.

China?s oil consumption may rise to 320 million metric tons next year from an estimated 300 million tons this year and 250 million tons last year, according to a report by the State Information Center. Crude oil imports may rise to 150 million tons next year, from 130 million tons this year and 91.1 million tons last year.

China?s strong economy is boosting disposable income and car ownership, increasing demand for gasoline and diesel.