China Oil Demand Expected To Rise

Chinese crude oil demand is expected to average 5.03 million barrels per day (bpd) in 2001, or five percent higher than in 2000, the International Energy Agency (IEA) said. The IEA said in its monthly Oil Market Report that demand was likely to rise by 240,000 bpd over last year's average of 4.79 million bpd but warned that the Chinese economy remained a major concern. November crude imports were 187,000 bpd higher than October, essentially all Omani oil. The report said Chinese refiners had cut back on imports of Angolan, Nigerian and North Sea oil and boosted imports of heavier Iranian, Kuwaiti and Saudi crude. - (Reuters)