Oil demand to slow in 2015

Oil and gas consumption is expected to see slower growth in China this year, with the falling global crude prices providing an opportunity for more energy sector reforms, experts said on Wednesday.

The country's oil demand will grow 3 percent year-on-year to 534 million metric tons in 2015, according to the think tank of China National Petroleum Corp, the nation's top oil and gas producer. In 2014, oil consumption grew by 3.3 percent to 516 million tons, said a report published by the CNPC Economic and Technology Research Institute.

"Economic incentives for oil consumption will continue to decline. As a result, China's oil demand growth will be slower, at around 2 to 3 percent in the future," said Sun Xiansheng, head of the institute.