Tuesday, December 20, 2005

OPEC Report: China Now Consumes 20 Percent of Global Oil Output

Just off the wire:

OPEC has revised its forecast and now envisions an increase in oil demand.

The increase in demand was expected to be led by China. Chinese consumption has exceeded 20 percent of the world's total oil production.

An OPEC market report issued on Dec. 16 asserted that crude oil demand for 2006 would reach 28.7 million barrels per day. This would mark an increase of 134,000 barrels per day from 2005, Middle East Newsline reported.
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