Oil will peak at USD 90 per barrel in March 2006 – CNOOC Dep. Chief Economist

Oil will peak at USD 90 per barrel by March of next year, CNOOC Dep. Chief Economist Zhang Weiping said at conference discussing China’s energy needs in Beijing on Monday. Zhang also expected global oil production to peak at 94-100 mb/day during the next five years.

…China is facing oil shortages on the eastern coast, especially in Guangdong province. Crude processing for export purposes has already been suspended until December 31, as part of the efforts to guarantee domestic supply.

Interfax China