Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Industries

Oil demand growth set to slow as clean energy takes its place

By Zheng Xin | China Daily | Updated: 2018-04-24 09:26
Share
Share - WeChat
A visitor accepts a chance to charge an electric vehicle in Hainan, where the new energy vehicles industry is receiving much impetus. [Photo provided to China Daily]

As China's economy becomes more consumer-oriented, the rate of growth in oil demand in the country is expected to slow down through 2023, a recent report said.

Considering factors including better efficiency, the fast development of electric vehicles and the restructuring of the energy mix, the growth rate of oil demand in China will gradually slow down during the next six years, said Neil Atkinson, head of the oil industry and markets division at the IEA.

He made the remarks during the China Launch of the IEA Market Report Series: Oil 2018 held in Beijing on Monday.

According to the report, there are signs of substitution of oil by other energy sources in various countries with China being a prime example, which has some of the world's most stringent fuel efficiency and emissions regulations.

As the country recognizes the urgent need to tackle poor air quality in cities, efforts are intensifying, with sales of electric vehicles rising and a strong growth in the deployment of natural gas vehicles, particularly into fleets of trucks and buses. A rising number of electric buses and LNG-fueled trucks in China will significantly slow gas and oil demand growth, it said.

China has become the world's biggest electric vehicle market with the help of subsidies in only a few years. Figures from the IEA show China saw 336,00 new electric car registrations in 2016.

Other clean energy substitutes, including liquefied natural gas, have also replaced consumption of petroleum and diesel in the country, Atkinson said.

According to a recent report released by Bloomberg New Energy Finance, China is expected to invest $3 trillion in power generation over the next 25 years, with some 75 percent of the investment expected to be into the renewable energy sector.

However, global oil demand growth remains healthy, driven by developing countries in Asia, even as oil consumption growth slows in China thanks to new environmental policies designed to curb air pollution. Strong petrochemical demand globally is another key area of growth.

According to the IEA, in the upcoming six years, petrochemicals will be a key driver of oil demand growth. The fastest-growing source of global oil demand growth is petrochemicals, particularly in the United States and China.

According to Wang Lu, an analyst from Bloomberg Intelligence, China's economy is becoming less oil-intensive as it shifts away from heavy industry to services and higher-margin manufacturing. Gains in fuel efficiency, slower car-sales growth and China's 10 percent ethanol-blend mandate will dent the country's oil demand in the next five years, she said.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 免费日韩在线视频| 色婷婷亚洲综合| 英语老师解开裙子坐我腿中间| 精品人人妻人人澡人人爽人人| 污污网站免费观看| 日韩亚洲欧美视频| 强波多野结衣痴汉电车| 国产精品成人va在线观看入口| 国产乱码在线观看| 人妻少妇偷人精品视频| 久久精品成人无码观看56| sao货水真多好浪好紧视频| 国产你懂的视频| 男女免费观看在线爽爽爽视频| 果冻传媒mv在线观看入口免费| 性宝福精品导航| 国产福利一区二区精品秒拍| 午夜精品久久久久久久久| 亚洲一区二区三区播放在线| 一本大道无码人妻精品专区| 四虎在线视频免费观看视频| 精品久久久久久中文| 日韩精品无码免费一区二区三区 | 啊哈~在加了一根手指| 嘟嘟嘟www在线观看免费高清 | 人妖互交videossex| 久久亚洲国产精品123区| 777xxxxx欧美| 精品国产天堂综合一区在线| 日韩欧美在线综合| 国产系列在线播放| 免费吃奶摸下激烈免费视频| 久久国产精品二区99| 三级黄色毛片视频| 男孩子和男孩子做到哭泰国| 日本亚州视频在线八a| 国产精品成人免费综合| 伊人久热这里只精品视频| 主人丝袜脚下的绿帽王八奴| 欧美人与zxxxx与另类| 欧美色图23p|