Oiling China’s Expansion

New calculations by the International Energy Agency show that China’s need for oil jumped by an “astonishing” 28 percent in January over the same month last year.

To put things into perspective, China’s demands account for one-third of the world’s increase in oil consumption. —JCL

The BBC:

China’s demand for oil jumped by an “astonishing” 28% in January compared with the same month a year earlier, the International Energy Agency (IEA) says.

The body added that demand for oil in 2010 would be underpinned by rising demand from emerging markets, with half of all growth coming from Asia.

But the IEA predicted demand in developed countries would fall by 0.3%.

The IEA has increased its global oil demand forecast for 2010 by 1.8% to 86.6 million barrels a day.

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A PetroChina gas station in Xinxiang.