China petroleum company warns of high crude demand and glut

BEIJING: China’s crude oil demand will grow by 3.4% this year to a record of almost 12 million barrels per day (bpd), the country’s top state-owned oil producer forecast, as refiners in the world’s second-biggest oil user ramp up output.

The robust outlook for crude combined with surging vehicle sales in the world’s largest auto market boosted oil futures even as the report cautioned that demand growth for products like gasoline and diesel will slow and overcapacity will remain a significant problem.