Oil demand in China on the rise

China is expected to
become the world’s largest
oil importer in the 2020s
as emerging economies,
instead of developed ones
claim most of the world’s
energy supplies, notes the
latest International Energy
Agency (IEA) report
“Over the next five years,
almost half of global oil
demand growth will come
from China, and this
trend is set to continue
to 2035 as oil demand
from the transportation
sector is growing strongly
in countries such as
China and India,” the
IEA’s November 2013
World Energy Outlook
report states. It adds that
in contrast, oil demand
among Organisation for
Economic Co-operation
and Development (OECD)
countries is expected to
decline over the next two
decades, “driven mostly by
government policies on fuel
efficiency and the fact that
rates of vehicle ownership
are already high”.
China’s crude oil imports
for 2013 are estimated at
289 million metric tons, up
7.3 percent year-on-year,
according to the China
National Petroleum Corp
Economics and Technology
Research Institute in
Beijing, reports the
Shipping Tribune.
Wikipedia states that
one-third of China’s oil
supplies come from the
African continent, mainly
from Angola and Nigeria.