IEA Says China 2006 Oil Demand to Grow 7.2% as Economy Expands

[Massacure]

http://www.bloomberg.com/apps/news?pid=10001099&sid=ac6DYHg.rn_I&refer=energy

July 13 (Bloomberg) -- The International Energy Agency, an adviser to 26 industrialized nations, forecast China's oil demand growth will rebound in 2006 by 7.2 percent after slowing this year as high prices curbed demand.

China's annual oil demand growth may slow in 2005 to 5.5 percent, the IEA said. Consumption may rise by 490,000 barrels a day next year to 7.3 million barrels a day, the Paris-based agency said, making its first prediction for 2006 oil use in its monthly Oil Market Report.

``This projection is based on continued strong economic growth, a resolution to the product pricing situation, and a rebound from relatively low growth in the second quarter of 2005,'' the agency said it its July report today.

<snip>

The IEA predicted growth in Chinese demand this year will be 360,000 barrels a day, which is 100,000 barrels a day less than it forecast one month ago. The country's oil use in 2005 is expected to average 6.8 million barrels a day.

[quaway]

1. and by 2020, China will pass US as the world's largest producer

of greenhouse gasses. Their anti-pollution devices are several standards behind the US/European specifications.

And their auto-market is expected to grow from 200 M cars now to 800 M cars in about 10 years...

China & India's demand for oil is a major factor in the rising price of fuel.