China's oil demand seen to rise by 30%

The vice president for Sinopec Group’s Institute for Economic and Technology Research said in May that China’s 2015 oil demand will likely grow by as much as 30% due to a possible increase in demand for cars. According to Mao Jiaxang, “China car ownership is 37.7 per 1,000 people. By international standards this is just the beginning of the expansion of car ownership.” From close to 380 million tons in 2008, car demand could go up to 410 to 420 million tons in 2010. It is likely to hit 500 to 530 million tons in 2015 and may go as high as 570 to 620 million tons by 2020. However, he warned, Sinopec’s predictions are not definite, as future conditions may vary. (May 23, 2009)