In its latest Oil Market Report, the International Energy Agency forecast that global oil demand would hit 102 million barrels daily, driven by China, whose oil demand, according to the IEA, reached 16 million bpd two months ago.
. The problem with that is that if the IEA and OPEC are right, and supply tightens later this year, the shock would be that much more powerful.
According to the hard data, then, China’s industrial activity is gaining speed. According to economists, it is not moving fast enough because we have all gotten used to double-digit growth from China, and anything else is interpreted as weak. Yet at the same time, oil imports are on the rise in that same China that everyone looks to when it comes to oil demand. In fact, this year, China In March, China’s oil imports soared by 22.
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