Chinese oil demand

Published April 10, 2004

PARIS, April 9: The booming Chinese economy will cause stronger than expected growth in world oil demand this year, but Opec's announced production cut is so far only "symbolic", the International Energy Agency said on Friday.

Chinese demand for oil products, seen as one factor behind high oil prices in recent months, continued in March to exceed expectations, the IEA said in its monthly oil report. "China's fast-rising energy consumption fuels most of the growth in global oil demand," the Paris-based agency said.

With firm Chinese demand offsetting lower-than-expected deliveries in Japan, the IEA raised its global oil demand forecast for this year to 80.3 million barrels per day. Provisional figures showed that Chinese oil demand surged 18 per cent in the first quarter of this year from the first three months of 2003, representing 900,000 bpd.

"Robust end-user demand and the reappearance of tight primary stocks, including localised product shortages, suggest that second-quarter apparent demand may again exceed expectations, despite seasonal maintenance at several large refineries," the agency said. Booming Chinese demand has been one of the factors that have lifted oil prices recently to their highest levels since Iraqi invasion of Kuwait in 1990. -AFP

Opinion

Enter the deputy PM

Enter the deputy PM

Clearly, something has changed since for this step to have been taken and there are shifts in the balance of power within.

Editorial

All this talk
Updated 30 Apr, 2024

All this talk

The other parties are equally legitimate stakeholders in the country’s political future, and it must give them due consideration.
Monetary policy
30 Apr, 2024

Monetary policy

ALIGNING its decision with the trend in developed economies, the State Bank has acted wisely by holding its key...
Meaningless appointment
30 Apr, 2024

Meaningless appointment

THE PML-N’s policy of ‘family first’ has once again triggered criticism. The party’s latest move in this...
Weathering the storm
Updated 29 Apr, 2024

Weathering the storm

Let 2024 be the year when we all proactively ensure that our communities are safeguarded and that the future is secure against the inevitable next storm.
Afghan repatriation
29 Apr, 2024

Afghan repatriation

COMPARED to the roughshod manner in which the caretaker set-up dealt with the issue, the elected government seems a...
Trying harder
29 Apr, 2024

Trying harder

IT is a relief that Pakistan managed to salvage some pride. Pakistan had taken the lead, then fell behind before...