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

Editorial

Wheat price crash
Updated 20 May, 2024

Wheat price crash

What the government has done to Punjab’s smallholder wheat growers by staying out of the market amid crashing prices is deplorable.
Afghan corruption
20 May, 2024

Afghan corruption

AMONGST the reasons that the Afghan Taliban marched into Kabul in August 2021 without any resistance to speak of ...
Volleyball triumph
20 May, 2024

Volleyball triumph

IN the last week, while Pakistan’s cricket team savoured a come-from-behind T20 series victory against Ireland,...
Border clashes
19 May, 2024

Border clashes

THE Pakistan-Afghanistan frontier has witnessed another series of flare-ups, this time in the Kurram tribal district...
Penalising the dutiful
19 May, 2024

Penalising the dutiful

DOES the government feel no remorse in burdening honest citizens with the cost of its own ineptitude? With the ...
Students in Kyrgyzstan
Updated 19 May, 2024

Students in Kyrgyzstan

The govt ought to take a direct approach comprising convincing communication with the students and Kyrgyz authorities.