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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Knighty Tin who wrote (37025)9/13/2005 1:25:35 PM
From: mishedlo  Read Replies (1) of 116555
 
Impact of China Oil Consumption Downplayed
newsday.com

Worries about the impact of surging Chinese oil demand are misplaced because the country's oil strategy is based on raising production from domestic oilfields, said Zhang, whose commission is China's top planning agency.

"It is quite unnecessary for the world to overreact to the growth of China's energy consumption, since its dependence on the world is insignificant," Zhang told reporters. "The fundamental principle of China's energy development is to rely on domestic sources."

Zhang said China's oil production in 2005 would amount to 180 million tons, or 3.5 million barrels per day, a marginal increase from the 2004 figure.

He said China had no intention of buying oil now to fill its planned strategic petroleum reserve because of the recent surge in prices.

"Given high oil prices, it will be risky for China to buy oil now to establish the reserve," he said. "We will look for other ways to fill energy reserves gradually."

Chinese oil output in recent years has increased much more slowly than domestic consumption, as new developments in western China and offshore have failed to keep pace with declines at older fields in the east.

Out of China's total oil consumption rate last year of 6.7 million barrels per day, almost half -- or about 3.2 million barrels per day -- came from imports, according to BP PLC statistics, which are widely used in the oil industry.

China's own statistics put the country's 2004 oil imports at less than 2 million barrels per day.

Analysts say they cannot account for the vast discrepancy in those figures.
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