Oil shortage predicted by 2020

Domestic oil production capacity will make up 44% of total China oil consumption by the year 2020, state media reported. Oil production capacity will be approximately 200 million metric tons by 2020 with consumption levels at close to 450 million metric tons. Natural gas consumption levels are projected to rise from 30 billion cubic meters to 200 billion with production levels rising from 34 billion cubic meters to 120 billion. China is currently the world's second largest oil consumer after the US and burns about 6.29 million barrels per day. Analysts said that oil companies will be forced to develop new technology to raise production levels or increase energy conservation initiatives.