China, the world's second-largest oil consumer, could become a new oil product exports powerhouse if all planned projects of refining capacity expansion in the country go ahead, the International Energy Agency said Friday.
China
, the
world's second-largest oil consumer, could become a new oil product exports
powerhouse if all planned projects of refining capacity expansion in the
country go ahead, the International Energy Agency said Friday.
The Paris-based energy watchdog said in its medium-term oil market report that
it is capacity expansions, rather than declining demand, that fuel increase in
product exports in
Asia
and the
Middle
East
, with
China
,
India
and
Saudi
Arabia
leading the trend.
"If all planned projects [in China] go ahead while demand growth slows as
much as we forecast, China could emerge, at least for a while, as a new
powerhouse in product exports, helped by its companies' growing footprint
abroad in international refining, storage, terminal and logistics," the
IEA said.
Global refinery crude distillation, or CDU, capacity is likely to increase by
almost 7 million barrels a day over the next five years, outpacing oil demand
growth. Contraction in capacity in developed economies will only partly offset
capacity expansions in developing Asian economies, led by
China
, and
the
Middle East
.
As a result of global capacity increase, refinery utilisation is expected to
fall to 79% on average in 2017 from 83% in 2006-2008, according to the IEA.
"To return to 2006-2008 utilisation rates, an extra 4.4 million barrels a
day of CDU capacity would have to be shut or completion deferred compared to
currently announced plans," the watchdog said.
The IEA sees developed economies, and especially
Europe
, as
the main losers in the expansion of global refining capacity.
"Continued OECD demand contraction will call for additional industry
consolidation before 2017," the IEA said, referring to the Organization
for Economic Cooperation and Development.
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