China will need 5.8 million barrels of oil every day in 2004, implying it would replace Japan as the world second biggest oil consumption country, according to a recent issue of Oil Market Report released by International Energy Agency (IEA) .
The report says that in 2004 China's daily oil consumption will be 5.8 million barrels, which means 800,000 tons (one ton is about 7.3 barrels) every day. In other words, China's total oil consumption in 2004 would be about 0.3 billion tons.
As for now global oil output is about 3 billion tons. America's yearly oil consumption is about 1 billion tons as compared to Japan's 0.3 billion tons. China's oil consumption this year will be about 1/10 of global oil output, second only to the United States.
China to be World 2nd Biggest Oil Consumer in 2004
João Henriques
16
02-02-2004 11:18
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