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OPEC sees growing demand from China

Posted on 04 April 2013

Chinese oil demand is expected to surpass the United States by next year in part because of North American production gains, OPEC said. The Organization of Petroleum Exporting Countries said in a report sent to Bloomberg News that China may take on more than 6 million barrels of oil per day by the end of 2013. By next year, U.S. oil imports may drop to less than that mark, the cartel said.
In its March report, OPEC said the Chinese economy was expected to grow 8.1 percent this year. Chinese crude oil imports for January were near historic levels at 5.92 million barrels per day, a 6 percent increase from December………………………………………..Full Article: Source


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