Oil demand to skyrocket in energy-hungry China

From AFP, via The China Post: “ consumption in China will continue rising in 2005 as the energy-hungry giant seeks to power its fast-paced economy but at a slower pace than previous years, industry executives said Friday.

Consumption of crude oil will jump to 320 million tons, an almost 12 percent rise over the 288 tons used last year, Chen Geng, general manager of China National Petroleum Corp. (CNPC) said in a statement on the company’s Web site.

As a whole, the Chinese oil industry is forecasting an overall slowing in growth after demand rose 14 percent in 2004, Chen said.”

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