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Fuel card news: Chinese oil demand 'set to increase'

02 July, 10
Oil demand in China is likely to climb sharply in the second half of this year and could rise by as much as nine per cent, according to a report.

A new estimate from nationalised firm China Oil, Gas & Petrochemicals (OGP) published by the Xinhua news agency and cited by Bloomberg claimed monthly usage of the commodity could reach 35.5 million metric tons during the second half of 2010.

The country is already the world's second-largest consumer of energy and could become increasingly dependent on oil imports from abroad as fuel needs grow in tandem with its rapidly-developing economy.

China OGP predicted that imported oil could account for up to 58 per cent of China's overall usage by 2015, although it anticipates domestic output will rise by around 4.6 per cent over the next six months.

Last month, official Chinese government figures revealed a sharp climb in the amount of goods being exported, leading to an increase in oil prices.

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Posted by Tammy BrooksADNFCR-2675-ID-19871108-ADNFCR

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Fuel card news: Chinese oil demand 'set to increase'