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CHINA TODAY CONTRIBUTES HALF OF THE GLOBAL OIL DEMAND GROWTH

There is mounting evidence that Chinese oil demand growth is slowing. The data is complicated by China's strategic stocking policy which appears to be partly driven by taking advantage of oil price dips. Other data sources, however, support the slowdown thesis. Clear impact can already be seen for diesel as diesel demand is closely linked to industrial activity and exports, both of which are growing at a lesser pace. Gasoline demand so far remains largely unaffected but less growth in car sales suggest less vigorous growth in gasoline demand going forward. Chinese economic slowdown will have significant impact as China has been responsible for up to 50% of global oil demand growth over recent years. Therefore, world oil demand growth is likely going to be between 625,000 to 740,000 barrels per day for this year and could reach 1 Mbd next year.

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