Tuesday August 08, 2006

Oil demand to remain high

business-times.asia1.com.sg :

Chinese and Indian demand for crude oil and other commodities may continue apace, bolstering high prices even as the countries take steps to ease economic expansion, Merrill Lynch said in a report. China's economy surged 11.3% in the second quarter and the country will need 4.8 % more crude next year. India's economy expanded 8.4% over the last fiscal year and is 'soaking up any spare LNG cargoes in the Asian region'.

Rising incomes have led to a jump in China's demand for oil products. Vehicle ownership jumped to 3.9 per 100 urban households in the first quarter, compared to 2.2 at the end of 2004. India's growth has led to an average annual increase in coal demand of 4.7% over the last five years, while oil demand has increased 1.8% each year over the same period. 'These major shifts in energy demand levels suggest that hydrocarbon prices will likely remain well-supported next year,' Merrill said.

(2006-08-08 13:16:56 SGT) [Energy] Permalink

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