A PetroChina Co. gas station in Beijing, China on Friday, August 19 2022. Picture: BLOOMBERG
Global crude prices averaged $105 a barrel in the first six months, 62% higher than in 2021, providing a windfall to producers after several years of depressed prices. PetroChina has invested heavily in maintaining steady oil production while boosting gas output to match the country’s goal of tapping into cleaner fuels.
In that vein, executives told the briefing they expect refined oil product demand to rise 1.6% on the year to 180-million tonnes, while gas consumption should increase 5.5%.