China demand set to ease
Growth in China's consumption of oil products is expected to slow to 8.3% next year after surging to almost 20% this year, it was reported today.
"Refined oil product consumption in China is likely to reach 157 million tons by the end of this year, representing a year-on-year increase of 19%," the China Daily reported, quoting officials from China National Petroleum Corporation.
The growth rate was expected to ease to 8.3% in 2005, with consumption reaching 170 million tons, the newspaper said.
China's booming economy has fuelled robust demand for oil and electricity, but a government plan to cool economic growth has been expected to trim energy demand in 2005.