Wood Mackenzie, the energy consultancy, has said China is on track to spend $500bn a year on crude oil imports by 2020, in one of the most bullish forecasts yet of oil demand growth in the world’s second-largest economy.
Analysts at the Edinburgh-based consultancy, one of the most respected analysts of the oil market, said Chinese net oil imports would rise to 9.2m barrels a day by 2020. The figure includes refined products such as diesel and gas as well as crude oil.
That is significantly higher than the 8mb/d of net imports forecast by the International Energy Agency in its world energy outlook late last year, or by the Energy Information Administration of the US government in its annual energy outlook in April.
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