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Oil supply, demand to turn better

(Xinhua)
Updated: 2006-07-17 08:33

The supply and condition of China's petroleum will turn better in 2006, according to the report from the Development Research Center of the State Council.

Taxis wait to get their tanks filled before the rise in oil prices at a gas station in China's capital Beijing. The supply and demand condition of China's petroleum will turn better in 2006, according to the report from the Development Research Center of the State Council. [Reuters]

The report said in 2006, China's economy maintained strong growth momentum. Since the first quarter of the year, China's petroleum production increased steadily and market demand remained high. The price of petroleum products increased, and price of petrochemicals reduced.

The report predicted the growth rate of China's demand for petroleum will be slower.

China's petroleum production growth will keep high rate. China will open the retail market of petroleum, so the domestic companies will face challenges of foreign capital.