Middle East Economic Survey


No 44



IEA Underestimating China Oil Demand, Says PFC Energy

The IEAs recent updated estimates of Chinese oil demand growth in both 2004 and 2005 are too low, according to PFC Energy. In its 13 October Market Intelligence Service memo, PFC noted that the IEA had cut its estimate of Chinese oil demand growth in 2004 by 36,000 b/d to 806,000 b/d, and was now projecting just 355,000 b/d of demand growth in 2005. The IEA was very slow...