China dominating oil demand growth outlook

With all the talk about oil supply growth in 2004, it may be easy to overlook the strong possibility that oil demand growth will outstrip expectations.An indicator of that prospect can be seen with a quick glance at the International Energy Agency's monthly oil market reports (OMR) in 2003. In 7 of the 12 OMRs IEA released last year, the agency ratcheted up its forecast for oil demand growth from prior-month predictions. In 4 OMRs, IEA's forecast for oil demand growth was unchanged; in the remaining one, it whittled back the demand growth forecast because of the SARS pandemic.Remember: None of these forecasts called for reduced demand year-on-year. All foresaw growth in oil demand...

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