China's demand for oil will grow 6.2% to 483 million tons in 2011, predicted PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), the nation's biggest company. China consumed 455 million tons of oil in 2010, said the PetroChina report, adding that the country both produced and imported over 200 million tons of crude oil in 2010.
In terms of natural gas, China consumed 112 billion m3 and produced 95 billion m3 in 2010, and is expected to consume 130 billion m3 and produce 100 billion m3 this year, said the report.
China imported 55% of its oil needs and 16% of its natural gas needs in 2010, added the report.
Separately, Platts Energy said China's demand for oil increased 11.43% to 434 million tons, or 8.71 million barrels a day, in 2010.