Chinese oil demand rockets

15 March 2010

15 March 2010 | Jake Kanter

China’s need for oil has been described as “astonishing” by the International Energy Agency.

The group’s March Oil Market Report, which is not freely available, said surging economic activity caused Chinese demand to jump 28 per cent compared with the same period last year.

Improved economic conditions across Asia, it said, will mean world oil demand will rise by 1.6 million barrels a day to 86.6 million barrels a day this year.

This prediction was mirrored in the March Monthly Oil Market Report from the Organization of the Petroleum Exporting Countries’ (Opec), which said world oil demand will grow 900,000 barrels a day in 2010.

Opec oil prices fluctuated between $69 (£46) a barrel and $76 (£51) a barrel last month amid concern over the strength of economic recovery in Europe. However, following stronger signals in countries including China, Opec oil rose to $77.86 (£51.74) a barrel on 8 March.

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