Oil demand in Asia will be maintained despite the slowdown in the region’s economic growth.
That was the view of participants at the Kazenergy forum in Kazakhstan’s capital Astana, who said that imports into China will remain high, while demand in Europe and the US stabilises.
Oil exporters are very focused on the Chinese market as the county is highly dependent on imported oil.
Ulrich Benterbusch, the International Energy Agency’s Global Energy Policy Director, told euronews: “China is still growing at seven to eight percent this year. And I think we should not wait for the emerging economies to slow down their growth. They need to grow, their people need to raise their standard of living and we will need the fossil fuel for that. It’s pretty clear from our analysis that the net import of the next 20 years in China will rise considerably. So the import dependency will grow.”
China’s main energy partners are expected to be Russia and Central Asia.
Chinese experts have often said the financial situation has a bigger effect on oil prices, than actual demand for fuel.
At the same time they continue to worry about unplanned disruptions to supplies – especially from the Middle East – which could push prices even higher.