FT: Wood Mackenzie predicts China is on track to spend $500bn a year on crude oil imports by 2020: one of the most bullish forecasts yet of oil demand growth. Chinese net oil imports would rise to 9.2m barrels a day by 2020, they say. The IEA forecast 8mb/d of net imports forecast in its World Economic Outlook late last year. Surging Chinese demand for raw materials has been the engine driving commodity markets, including oil, in recent years, as the country’s economy has regularly grown at more than 10 per cent a year.
Harold York, a vice-president at Wood Mackenzie: “We factor in fuel-efficiency measures, but we expect the number of cars to grow so much it will overwhelm efficiency measures.”
Future Today
