China demand stays high
The US Energy Information Administration has raised its estimate of China's oil demand for the second quarter by 1.4% to 7.4 million barrels per day, but said year-on-year demand growth was expected to slow this year.
After growing by more than 1 million bpd in 2004 to 6.6 million bpd, China's oil demand will increase by 800,000 bpd, or 12%, in 2005, the EIA said. Demand growth was forecast at 500,000 bpd, or 6.7%, in 2006, Reuters reported.