London-Although China has overtaken the US as the world’s biggest energy user, the pace and sustainability of its surging economic growth remains a key variable in the future global oil market, the head of the International Energy Agency said October 12. “Probably half of the oil demand increase comes from China. It’s a huge element,” Tanaka told an oil industry conference in London. “But this element is unclear because we don’t know how long China will continue to grow...they know it should slow down but nobody knows when.”
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