02 November 2010 10:09 [Source: ICIS news]
SINGAPORE (ICIS)--Oil consumption in China is expected to continue growing at a strong pace, backed by a superior economic growth, firming up the country’s ranking as the world’s top energy consumer, as defined by the International Energy Agency (IEA).
Tanaka is in
“In our definition of energy consumption,
“Statistical models differ by country.
The gap in
The IEA expects oil demand of OECD countries to start falling again in 2011 after a slight increase this year, following a sharp slowdown when the global economy plunged into recession in 2009, Tanaka said.
“Has oil demand been depressed cyclically or structurally destroyed? We think both are happening,” said the IEA executive.
Tanaka said that OECD countries currently have “historic high levels of inventory”.
“If [oil] producer countries continue to produce at current levels, probably the market will be very well supplied well into the second half of next year,” he said.
Lingering uncertainty on the recovery of the global economy had kept oil prices relatively stable this year - locked at a $70-80/bbl (€50-58/bbl) range, said Tanaka.
But developments in the financial markets could amplify oil price movements, he said.
“There are plenty of reasons behind [oil price movements], not necessarily fundamentals,” Tanaka said.
The weakness of the US dollar due to the sagging
At 17:50 hours
($1 = €0.72)
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