Energy News  
UPI Market Update: Global Oil Demand Unbalanced

China continues to throttle domestic oil consumption by keeping domestic products prices so low that refineries are not interested in purchasing and refining expensive foreign oil. As a result, many Chinese regions suffer from shortages.

Washington DC (UPI) Aug 09, 2005
Chinese and U.S. oil consumption dropped as global demand appeared to have grown some 1.5 million barrels per day in July, compared with July 2004.

Total demand for July reached 83.8 million barrels per day, a year-on-year increase of 1.9 percent, according to the Energy Information Administration.

One-third of the growth comes from countries in the Organization for Economic Cooperation and Development, primarily Europe and Asia. Industrializing non-OECD countries, mostly China, India and OPEC members, account for remaining two-thirds of the increase.

Nonetheless, global economic growth remains strong, underpinning continued petroleum growth, despite oil prices hitting new records.

China continues to throttle domestic oil consumption by keeping domestic products prices so low that refineries are not interested in purchasing and refining expensive foreign oil. As a result, many Chinese regions suffer from shortages.

The situation has improved a little recently after the government increased retail prices for gasoline and diesel and revalued the currency, making it more attractive to sell products domestically and import oil and products.

China's inventories appear to be low as consumers cannot purchase what they need - unless suppliers hold back awaiting higher domestic prices.

How long can the Chinese government suppress oil consumption? The economy continues to see a growth of some 9 percent with oil growth at approximately in July.

U.S. oil demand also stagnates with transportation fuels dominating growth at an increase of 1 percent in the first half of 2005. Diesel has seen a 2 percent growth as overall product demand growth was less than 1 percent in the first half of 2005 and reached a negative for the month of July.

India's oil demand growth meanwhile reached nearly 10 percent for the month of July.

Community
Email This Article
Comment On This Article

Related Links
SpaceDaily
Search SpaceDaily
Subscribe To SpaceDaily Express
Powering The World in the 21st Century at Energy-Daily.com



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


Europe Debates Nuclear Energy
Washington (UPI) Jan 11, 2006
European Union countries are starting to rethink their opposition to nuclear energy amid a dispute between Russia and Ukraine over natural gas supplies, but energy analysts say a switch still lacks a green light.







  • UPI Market Update: Global Oil Demand Unbalanced
  • Solar Energy Project At The Weizmann Institute Promises To Advance The Use Of Hydrogen Fuel
  • Iraqi Oil: A Slow Unsteady Recovery
  • Catalyst Support Structures Facilitate High-Temperature Fuel Reforming

  • The Ecological Effects Of The Chernobyl Disaster
  • Nuclear Contamination Found In Four States
  • Ancient Egypt Helps Nuclear Scientists
  • DOE Should Consider Enhancing Cleanup And Stabilization

  • Scientists Seek Sprite Light Source



  • Farmer Becomes First Chinese Individual To Breed Seeds In Space
  • A Field Of Beams
  • Humans Trading Short-Term Food For Long-Term Environmental Losses
  • Organic Farms Use Less Energy And Water

  • The Driving Doctor: Take Time To Observe
  • Networking: 'Smart Highways' Emerging
  • Eco-Friendly Motor Rally Sets Off From Kyoto To Celebrate Environment

  • Air France Plane Hit By Lightning Before Crash: Passengers
  • Rolls-Royce Shares Rocket On Strong Profits, Dividend News
  • Imaging Technique Reduces Structural Component Failures
  • Rockwell Collins Applies New NASA Software Verification Technology

  • NASA plans to send new robot to Jupiter
  • Los Alamos Hopes To Lead New Era Of Nuclear Space Tranportion With Jovian Mission
  • Boeing Selects Leader for Nuclear Space Systems Program
  • Boeing-Led Team to Study Nuclear-Powered Space Systems

  • The content herein, unless otherwise known to be public domain, are Copyright 1995-2006 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA PortalReports are copyright European Space Agency. All NASA sourced material is public domain. Additionalcopyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement