China is expected to post steady demand for oil and natural gas in the near future despite a slowdown in global consumption, a report showed Monday.
China’s demand for natural gas might grow by over three percent annually until 2030 while the growth rate might fall below one percent in western countries, according to a report released by the Chinese Academy of Social Sciences.
Reserves and output of oil and natural gas keep growing steadily while consumption continues to slow or might even drop in the future, leading to over-supply of oil and natural gas, the report pointed out.
Global natural gas output is expected to reach five trillion cubic meters by 2030 and Asia will be a major consumer, the report showed.
Demand for natural gas in Asia and China’s abundant output and imports make it possible for China to plan for a regional natural gas trading center for Northeast Asia, the report added.