China oil demand seen rising to 9.96 mln bpd by 2012 from 7.59 mln this yr – IEA

The International Energy Agency (IEA) said it expects China’s oil demand this year to remain flat compared to its previous forecast at 7.59 mln barrels per day (bpd), before rising to 8.05 mln in 2008 and further to 9.96 mln bpd in 2012.

In its medium-term oil market report, the agency said that Chinese demand will mainly be driven by transport fuels and naphtha, noting that transport demand will increase as income per capita rises while national plans for petrochemical expansion will require naphtha as a feedstock.

Forbes