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China now consumes more than 20 percent of oil supplies
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SPECIAL TO WORLD TRIBUNE.COM
Tuesday, December 20, 2005
LONDON — 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.
The 10-member OPEC has a current production ceiling of 28 million
barrels per day. This does not include Iraq, which produces about 1.9
million barrels of oil per day.
"During the typically low consumption second quarter, the required
demand for OPEC oil is expected to fall to 27.7 million barrels per day,
thus requiring reduced supply from OPEC to balance the market," the OPEC
report said. "However, the situation requires careful monitoring as the
markets have behaved uncharacteristically during the same period over the
last two years."
Copyright © 2005 East West
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