China demand 'set to flag'
Chinese consumption that has helped to drive the biggest increase in world oil demand for 23 years is unsustainable, the International Energy Agency said.
"Although Chinese consumption growth continues to steam ahead, the latest reported year-on-year gain does not appear to be sustainable in the short term," the IEA, adviser on energy to 26 industrialised nations, said in its monthly report.
The IEA said it expects year-on-year Chinese growth of 1.2 million bpd, or 23%, in the second quarter, accelerating from growth of 1 million bpd or 19% in the first quarter. But it is forecasting growth in China will slow to 8.2% in the second half of 2004.