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From The Times
March 12, 2004

Chinese burn their way to an oil record

By Carl Mortished, International Business Editor
CHINESE demand for oil rose to a record six million barrels a day in January, according to the International Energy Agency, which for the second time in four months has been forced to increase its growth forecast for the country’s oil consumption.

The strength of demand in the People’s Republic is keeping a floor under the oil price, which yesterday gained 31 cents in London to $32.30 a barrel. Evidence of refinery throughputs and a surge in oil product imports encouraged the IEA to raise its forecast of Chinese growth in 2004 by 66 per cent, from 350,000 barrels per day to 580,000.

China’s industrial furnace has made it the second biggest oil consumer after the United States. China raced past Japan last year when consumption rose 11 per cent and the IEA expects it to burn 10 per cent more barrels this year, raising the bar to 6.07 million barrels per day.

In January, China’s refineries were running at full tilt to supply petrol for a growing fleet of private cars as well as diesel for back-up generators needed to keep the lights on in coastal cities.

Domestic demand for motor fuel has almost wiped out China’s petrol export trade.

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