Reuters quoted that the China Petroleum and Chemical Industry Federation said China apparent crude oil consumption will increase 5.3% in 2012 to 480 million tonnes.

It forecast oil products consumption at 280 million tonnes in 2012 a rise of 5.8%.

Oil refining capacity in the world second largest oil consuming country rose 6.9% at the end of 2011 from the prior year to 590 million tonnes.

The group also forecast that China natural gas consumption would rise 15.3% in 2012 to 148.2 billion cubic meter.

(Sourced from Reuter)