Singapore—China’s oil demand growth this year will likely be higher than in 2012 on the back of a better economic performance, with most analysts forecasting growth of between 4%-6% in 2013—versus 3%-4% in 2012. Barclays is expecting oil demand to grow by 5% this year to around 10.4 million b/d, versus 3% expansion in 2012, said Sijin Cheng, a China- focused commodities analyst with the bank. “In terms of growth trajectory, China seems to be recovering. But we are not forecasting a really sharp rebound yet as we’re still watching for more aggressive stimulus measures to be announced,” she said.
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