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China to Surpass U.S. in Oil Demand Growth
China's expanding economy will boost its demand for petroleum by nearly 4% to 10.5 million barrels per day this year, the Paris-based International Energy Agency predicts.
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China's expanding economy will boost its demand for petroleum by nearly 4% to 10.5 million barrels per day this year, the Paris-based International Energy Agency predicts.
Last year growth in oil demand in the U.S. reached 390,000 barrels per day compared with 295,000 bpd for China. This year, the IEA says, growth in China and the U.S. will be 369,000 bpd and 72,000 bpd, respectively.
IEA attributes last year's spurt in the U.S. to refiners switching from foreign oil to cheaper domestic feedstock. but senior economist Matt Parry tells Bloomberg News the surge is not likely to be sustained in 2014. But he notes that China's growth in oil consumption is being driven by economic growth and will continue.
The agency predicted in November that China would replace the U.S. as the world's biggest consumer of petroleum by 2035. IEA also expects America's surging production of oil from shale would make the country the world's top petroleum producer by 2015.
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