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China’s Demand for Oil Surges 28%

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The International Energy Agency (IEA) said today that China’s use of oil increased by 28 percent in January when compared to January 2009. The IEA said that it expects demand for oil to drop by 0.3 percent in developed nations, but emerging economies would more than make-up that shortfall.

Overall, the IEA predicted that total global demand will increase 1.8 percent this year to 86.6 million barrels a day. The IEA also noted that half of the world demand would come from Asia.

Source: BBC News

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