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Economy receives huge boost from lower oil and gas prices

2015-02-05

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The 55% plunge in oil prices since mid-2014 has helped the country save around US$100 billion in import costs, Lin Boqiang Lin, the dean of the China Institute for Energy Policy Studies, told the World Economic Forum in Davos, Switzerland last month. China depends on imports to meet nearly 60% of its domestic oil consumption which is expected to reach 10.75 million b/d this year, according to OPEC.

The world’s largest energy consuming country imported more than 6.2 million b/d of crude oil and 59 billion cubic metres of natural gas last year, according to CNPC’s Economics & Technology Research Institute.
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