A recently released report by China National Petroleum Corp. (CNPC) stated that China would import approximately 266 million t of oil in 2012, up only 5.9% on the previous year.

The report also stated that “China’s economic growth will be easing along with a further slowdown in global economic growth, thus the rapid growth in oil consumption could ease.”

Increasing Chinese fuel consumption was one of the driving factors behind global demand in 2011 with daily imports rising by 590 000 bpd.

A range of 5 - 7% has been given by analysts for China’s likely growth prospects this year, with many estimates focusing on the lower end of the scale.