September 21, 2004

China's Oil Demand Up 37%

Prices don't look like they're coming down anytime soon:

Fuelling world prices, China's crude oil imports jumped 37.4 per cent in August from the same month a year earlier to 9.33 million metric tons (70 million barrels), the government reports.

The increase, equivalent to an average of 2.21 million barrels a day, brought the country's crude imports for the first eight months of this year to nearly 80 million tons (600 million barrels).

That was a 39.2 per cent rise from the same period last year, the General Administration of Customs said.

China, Asia's largest oil consumer, is the world's fastest growing energy market. ...

Fun will be had by all.

Though the article goes on to state that China's oil exports have also increased, they have not increased by nearly as much as their imports.

In other China news, Hu Jintao has succeeded Jiang Zemin as head of the country's military, completing the transition of power and ending Jiang's formal role in Chinese government. Here's a radio panel discussion that includes UCLA's Center For Chinese Study Director, and discusses current social and political trends in China.

Posted by natasha at September 21, 2004 01:29 AM | International | Technorati links |