This is crazy If China keeps the same pace in growth, where would oil price be in 10 years? 200, 300 $500/barrel????? Somebody somehow send them back to communism please. http://platts.com/PressReleases/2011/12111 Platts Report: China's December oil demand at record high 9.6 mil b/d Singapore - January 21, 2011 China's apparent oil demand* in December rose 18% year over year to a record 40.73 million metric tons (mt), or an average 9.6 million barrels per day (b/d), with both crude throughput and net oil product imports rising, according to just-released Platts' analysis of the latest official data. Oil demand in December was also up 7% from November's 38.09 million mt, or 9.3 million b/d, the previous record high. For all of 2010, China's apparent oil demand rose 11.43% year over year to a record 434.40 million mt, or an average 8.71 million b/d, Platts' analysis showed. Chinese state-owned refiners processed 38.72 million mt of crude oil in December, up 11.92% year on year and a rise of 5.64% from November, according to data released Thursday by Chinaâs National Bureau of Statistics. In 2010, Chinese refiners' crude throughput rose 12.89% year on year to 423.05 million metric tons. FACTS Global Energy expects China's oil demand to increase to an average 9.5 million b/d in 2011 as the Chinese economy continues to expand and the consumption of transportation fuels increases. "The last two months when China has hit oil demand records are proof in point of the country's apparent insatiable appetite for oil and transport fuel," said Thomas Hogue, Platts news director for Asia. "First, in November and December there were high refinery runs and imports as Chinese state-controlled companies tried to meet diesel and other motor fuel demand, and since then it appears that runs have remained high as refineries seek to make sure they have enough product to meet demand during the Chinese New Year holidays in February," Hogue added. China's net oil product imports in December came in at 2.01 million mt, which compares to net oil product exports of 0.08 million mt in December 2009. Total net oil product imports in 2010 stood at 11.35 million mt, down from 15.24 million mt in 2009. China's oil demand is expected to continue growing this year, albeit at a slower rate of 4.4-5.5%, with average oil demand in 2011 seen at 9.3-9.5 million b/d, analysts said earlier. Wood Mackenzie is forecasting total oil demand to increase to 9.3 million b/d in 2011, with steady demand growth in transportation fuels like gasoline and diesel and healthy demand in naphtha because of a vibrant chemical sector. MONTHLY TRADE DATA IN MILLION METRIC TONS: Dec. '10 Dec. '09 % Chg Nov. '10 Oct. '10 Sept. '10 Aug. '10 Net crude imports 20.62 20.90 -1.34 20.33 16.13 22.9 20.65 Crude production 17.52 16.06 +9.09 17.52 17.75 17.19 17.43 Apparent demand* 40.73 34.52 +18.0 38.09 37.88 35.53 35.84 *Platts calculates China's apparent or implied oil demand on the basis of crude throughput volumes at the domestic refineries and net oil product imports, as reported by the National Bureau of Statistics and Chinese customs. The government releases data on imports, exports, domestic crude production and refinery throughput data, but does not give official data on the country's actual oil consumption figure and oil stockpiles. Official statistics on oil storage are released intermittently. Platts releases its monthly calculation of China's apparent demand between the 18th and 26th of every month via press release and via its website. Any use of this information must be appropriately attributed to Platts.
Pretty amazing. And the per capita oil consumption isn't even anywhere close to the American consumer. It's downright mind-boggling where this TREND can potentially go!
NOW can you see why the US (our Military) is being used like a whore bitch mercenary force for the Globalist Wealth Entities that control our country (OWN our political parties). China is that last SUPERPOWER on earth NOT YET controlled by the dominant Globalist Wealth Entities (mainly very old western european factions....those that own most all shares in all privately held central banks)......and these entities are doing everything they can to disrupt Chinese access to oil. You ever wonder why right after China inks $800 BILLION dollar deals with Iran, for oil production access, we then suddenly have 9/11 and a new occupation of the middle east??? Yes indeed, Iraq and Afghanistan are great "book ends" around Iran. This is a grand chess game in play and the OIL of the world is a major aspect of the military ops/geopolitical maneuvering in play. BTW, this GAME is only going to get worse in the years ahead! :eek:
Interesting point that I want to make is China's production is also increasing fast but not enough though
It's true that they are the 5th largest oil PRODUCER. However, they trail only the US as a net importer of crude. That's saying a lot! China currently imports just 10% of their energy requirement. That is thanks primarily to vast reserves of COAL, which supplies 70% of the countries energy. However, the 10% that it IMPORTS is still the same amount of energy needed to power the UK, the world's 6th largest Economy.