China Barrels Ahead in Oil Market

From LA Times: “Surging Chinese demand, which has helped drive up prices to record levels in the last year, is expected to rise by double-digit growth rates annually for the next 15 years.

Although crude prices have settled back in recent days to less than $50 a barrel, China’s rapid economic expansion is almost certain to add pricing pressure over the long haul. The country accounts for about 6% of world consumption; that’s projected to rise to more than 9% in 2020, as Chinese oil fields dry up. (One-fifth of global oil demand comes from the United States.)

Wary of its increasing reliance on a few foreign oil suppliers, China has formulated a “go-out” strategy to diversify and expand its energy capabilities. The plan involves cooperating with 27 countries for oil exploration. ”

The full article is here.

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