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The president of the China National Petroleum Corp., Chen Geng says that China may face a shortage of 250 million metric tons of crude oil by 2020.
China may face a shortage of 250 million metric tons of crude oil by 2020.
The president of the China National Petroleum Corp., Chen Geng, says domestic production may meet less than 50 percent of the demand.
China's oil companies face challenges including lack of domestic crude oil stockpiles, increasing difficulties in finding new sources of oil and the lack of new technology to boost output at its refineries.
The International Energy Agency says China, the world's biggest oil consumer after the US, may consume an average of about 6.3 million barrels a day this year, an increase of 15 percent.
(CRI July 26, 2004)
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