China's crude oil imports are set to grow by 10.1% y-o-y in 2017. Despite softer demand from the independent teapot refiners and a gradual slowdown in the broader economy, imports by the large state-owned refiners will remain robust. This will be supported by the need to compensate for falling domestic oil production, favourable margins in the export markets and strengthening yuan.
China's crude oil imports look set to grow by 5.0% y-o-y in 2017, as despite growing policy headwinds and uncertainty over quotas for the country's independent private refiners, crude imports by the large state-owned refiners are expected to remain robust over the coming months, supported by the need to compensate for falling domestic oil production and strengthening yuan.
Natural gas consumption in China will grow at a healthy average annual rate of 9.0% over 2017-2021, as governmental pro-gas policies drive stronger uptake among industrial, rural and transportation sector users. Further downward price revisions pose upside risk to our forecasts, as it will make gas more price-competitive versus alternative fuels, notably coal, and drive stronger fuel-switching...
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