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Chinese oil demand outstrips forecasts
One reason why if the US fails in Iraq, then all hell will break loose. Chinaâs growing demand for oil continues to surpass expectations, putting additional pressure on world crude prices, which are nearing 13-year highs, the International Energy Agency says. The Paris-based agency revised upward its estimate of Chinese oil demand in the first quarter by 180,000 barrels a day to a record 6.14 million barrels, an 18-per-cent year-over-year increase. Now the worldâs second-biggest oil consumer, Chinaâs breakneck economic growth is fuelling record oil imports. North American oil demand is also rising. The IEA said consumption is expected to rise by 300,000 barrels a day this year to 24.94 million barrels. The Organization of Petroleum Exporting Countriesâ recent move to implement tighter supply restrictions is forcing consumer countries to become increasingly reliant on non-OPEC exports, particularly from growth areas like West Africa and Russia. But the IEA said it revised downward its projection for non-OPEC production growth this year by 185,000 barrels a day to just under 1.3 million barrels. And hence my comment yesterday about China invading Siberia. Pandoraâs box is well and truly open! Posted by: Phil B 2004-04-10 |
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