Posted on 10/04/04
Chinese oil demand outstrips forecasts
London -- China's 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 world's second-biggest oil consumer, China's 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.
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