Douglas-Westwood warns US Congress on Chinese oil and gas demand

摘要

In evidence to the US House of Representatives Subcommittee on Energy and Power's hearing, April 4, regarding the "The American Energy Initiative", Douglas-Westwood's Managing Director, Steve Kopits, gave dire warnings about the likely development of China's future energy demand. "China's oil demand will likely keep pressure on oil prices for the indefinite future," said Kopits. "China consumes 10 million barrels of oil per day (mbpd) on global consumption of about 88mbpd... it is already the second biggest consumer of oil in the world... we see China surpassing US consumption levels around 2018."