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OPEC to shift focus to China

Posted on 21 August 2013

OPEC should start to shift its supply focus to the Chinese market as the United States starts using more of its own oil, Wood Mackenzie said. The energy analysis company said Chinese demand for crude oil should grow substantially. Beijing should spend about $500 billion on crude oil by 2020, it said.
The Organization of Petroleum Exporting Countries said it expected Chinese oil demand to increase because of steady economic growth. Wood Mackenzie said much of the growth is attributed to “the near-exponential” increase in personal and commercial vehicle use………………………………………..Full Article: Source


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