China’s Oil Demand Forecast to Slow to 5% per Year to 2015

The growth in China’s demand for oil to feed its galloping economy will slow to an average rate of 5% over the next decade and is not enough to trigger a crisis in global supply or a demand crunch, said energy consultancy Wood Mackenzie in a report published Friday.

Additional supply expected to be brought onstream by the Organization of Petroleum Exporting Countries and other producing nations should ensure that China’s demand growth can be absorbed, Ann-Louise Hittle, WoodMac Head of MacroEnergy, said in the report.

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