China's oil product consumption growth to slow down in 2012

China’s oil product consumption growth is expected to slow down this year to 6.1% or 278 million metric tons, according to forecasts by the CNPC Economics and Technology Research Institute. Last year, China’s apparent consumption of oil products reached 262.2 million tons, a 6.95% rise from the previous year. In 2010, that figure reached 245.1 million tons or 10.2%. A weak Europe and a recovering U.S., which are major markets for Chinese exports, are expected to drag down on China’s economic growth. The China Academy of Social Sciences (CASS), China’s top official think tank, estimates GDP to grow at 8.5% this year, compared to 9% a year ago. Meanwhile, alternative fuels’ supply are expected to increase by 2.3 million tons in 2012 to 11.2 million tons. The main alternative fuels in China are compressed natural gas (CNG), liquefied natural gas (LNG), methanol, and ethanol. Growth will come primarily from LNG and CNG. (March 2, 2012)