China's oil consumption would rise by 5.4 percent to 7 percent, a report released by the National Development and Reform Commission (NDRC) has said.

 

Given the global oil price at a high level of US$55 to 65 per barrel, the transport sector would consume 75 percent of the oil since auto consumption has entered a reasonable and stable-growth phase, it said.

 

Refineries of Sinopec and PetroChina, China's two major oil producers, have pulled out all stops. However, China still needs a refining capacity of 17 million tons to meet the demand, the report said.

 

(Xinhua News Agency February 13, 2006)