According to China National Petroleum Corporation (CNPC), the state-owned company, on Tuesday, oil demand in China will rise by 4.3% to 11.32 million barrels per day (bpd) in 2016, compared to 4.8% increase last year.

China's oil imports are expected to climb by 7.3% to 7.14 million bpd this year, compared to nearly 9.0% rise last year.

The CNPC said that China's commercial oil reserves totalled 315 million barrels at the end of 2015.

China is the world's second-largest oil consumer.