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Monday, May 29, 2006

WE WANT MORE!!!!

Written by: S.M.Mehdi Hassan
I do not know whether to be sad or happy with this news. Last Aprill, China’s amount of oil consumed was higher than that of the month of April in 2004. For the past few days I have written two posts about China’s present oil scenario- China raises its oil price, and China’s present Oil scenario. This post is a kind of update on the China’s present condition regarding its oil. I am quoting from the report:
China's apparent demand for oil climbed 10.8 percent in April from a year earlier, the strongest rise since 2004, after an increase in state-set fuel prices encouraged refiners to boost supplies to the domestic market.
The world's second-largest oil consumer used 6.69 million barrels per day (bpd) last month, calculations based on official data showed, despite a fall in crude imports as refiners shunned soaring global markets.

According to the report increase in the sales of cars in April has contributed behind this rise. China recently has raised its oil price due to price rise in the world market. However, price sensitive users like taxi drivers, fishermen, farmers did not hurt for this because of China government’s protective policy. According to Jeff Brown, analyst, International Energy Agency, due to the price rise of oil there will be increasing supply in the domestic market of China.

Related articles:
UPDATE 4-China April oil demand growth strongest since 2004

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