Chinese demand only hope for oil sector in 2009

China remains the last hope for stimulating oil demand this year, the president of Energy Intelligence (EI), an energy advisor said yesterday.

Thomas Wallin said that instead of speculations and stockpiling of crude by the Chinese government, actual demand for crude is essential for providing support to the fluctuating prices.

“China remains the only hope this year. Energy demand and oil prices will not rise because of investors and speculators. We need to have concrete demand in China. And that demand needs to come from industries in the country,” Wallin told Emirates Business.

EmiratesBusiness