Bloomberg News

Global Oil Demand May Rise 1 Million Barrels a Day, CNPC Says

February 09, 2012

Feb. 9 (Bloomberg) -- Global oil demand may rise 1 million barrels a day this year, with consumption growth from non-OECD countries, according to China’s biggest energy producer.

Oil supply may increase 1.5 million barrels a day this year, China National Petroleum Corp. said in its annual report on the oil and gas industry released today.

Global spending on oil and gas exploration and production may rise 10 percent to a record $598 billion in 2012, CNPC said. Spending increased 12 percent last year, the Beijing-based company said.

Oil refining capacity may rise 120 million metric tons in 2012, with capacity growth mostly in the Asia-Pacific region and the Middle East, the parent of PetroChina Co. said. Gross refining margins will remain under pressure, according to CNPC.

--Chua Baizhen

To contact Bloomberg News staff for this story: Chua Baizhen in Beijing at bchua14@bloomberg.net

To contact the editor responsible for this story: Ryan Woo at rwoo5@bloomberg.net


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