China's oil demand increase 'astonishing', says IEA

[pampango]

Source: BBC

China's demand for oil jumped by an "astonishing" 28% in January compared with the same month a year earlier, the International Energy Agency (IEA) says.

The body added that demand for oil in 2010 would be underpinned by rising demand from emerging markets, with half of all growth coming from Asia. But the IEA predicted demand in developed countries would fall by 0.3%.

The IEA has increased its global oil demand forecast for 2010 by 1.8% to 86.6 million barrels a day. Oil prices are currently at their highest point for two months, with US light, sweet crude above $82 a barrel and Brent crude more than $80 a barrel.

Crude oil production by countries in the oil producers' cartel Opec rose to a 14-month high of 29.2 million barrels a day in February. During February, Iraq pumped an extra 115,000 barrels a day.

Read more: http://news.bbc.co.uk/2/hi/business/8563985.stm

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While US demand for oil dropped last month, worldwide demand seems to be going up, which means prices probably will too. :(

[WriteDown]

1. I thought China was moving away from fossil fuels according to some posters...

:eyes:

[pampango]

2. I've read that too. They have a long way to move, but the green industry folks seem to think

that China is serious about it in the long run.

[FarCenter]

5. Alternative energy is a fast growing, but small part of the total

If you are using 50% oil and 1% wind, doubling the amount produced from wind doesn't change the mix much.

[AlphaCentauri]

7. Every Chinese must have a car just like Americans do

China's passenger car sales climbed 55 percent from a year earlier in February, despite a long national holiday, on strong demand for smaller cars and sport utility vehicles, an industry group reported Tuesday.

http://www.dailyfinance.com/article/china-passenger-car-sales-up-55-pct-in/294518/

:eyes:

[The2ndWheel]

3. Shucks

If only the world didn't have greedy governments acting in their own interests, privatizing the profits, and socializing the costs.

[Lorien]

4. Peak oil will hit by 2014, according to scientists in Kuwait

some say that we've already reached it. Prices are hardly our biggest concern.The toll on the planet is considerable and the longer we wait to SERIOUSLY invest in clean renewables, the more screwn we'll all find ourselves. We need a new Apollo style project for our energy needs.

[The2ndWheel]

6. It's not the type of energy we use

It's the amount that we use.

[maxsolomon]

8. "Scientists in Kuwait"?

the cheapest way to meet our energy needs is to need less energy. daylighted, highly insulated, naturally ventilated offices & homes, energystar appliances, CFLs, bicycles, walkable neighborhoods, etc. blah blah.

we need to need less energy. and quick.

[OnlinePoker]

15. This is easier to do for new buildings, but what do you do about old ones?

I looked into adding insulation to the outside of my house. The whole project, from licensing, to tearing off the old stucco, putting up 2 inches of styro insulation, and re-surfacing the walls would have cost me over $20k, all for a total increase in R value of about 4. I would probably save about $100 a year in heating costs. It was just not economically viable. I've done everything I can to weatherproof the inside of the house, installed a high-efficiency furnace and new windows and doors. Most homeowners I know have made similar changes to their residences. I walk to work, choosing to pay a higher price for my house for the convenience of location. To say we need to use less energy is not viable to people who are already using as little as possible.

I went back to my childhood neighbourhood last summer. As a kid, there was a street light every third power pole. Now there's one on every pole. To me, this would be one major energy savings sources. Cities, towns and provinces/states could save a fortune if they'd just shut off every second street light. From my desk right now, in 1 1/2 blocks, I can see 7 lamp standards. It's not needed.

[Subdivisions]

13. Unless oil production manages again to reach the the July 2008

peak, which is questionable due to IEA/EIA accounting meant to hide the peak and because they began including ALL LIQUIDS, not just conventional crude, in the report, then the peak in production has already passed. But one thing is for certain. Whenever the peak is reached and production begins to decline, the decline WILL BE TERMINAL. I believe the true peak occured in January of 2006, a time when the report included only the data for conventional crude oil, and not the thick, tarry, and sour stuff we're left with now.

[whattheidonot]

9. bad news

high gas price hurts recovery. money is spent on gas, not much else. China should be delaying these activities until economies balance. evidently they do not need to do that.

[truthisfreedom]

10. Don't worry, we'll make more.®

[Subdivisions]

11. But, but, but...DEMAND IS DOWN! Some people think that just because

demand is down in the U.S., that it's down world-wide. What Americans don't realize is that, what we don't use, others will. What we conserve will simply be burned by others.

If you don't know about Peak Oil, you better start finding out. And fast.

[julian09]

12. How much are they stockpiling while prices are low?

[Subdivisions]

14. Prices are low? Please subtantiate that comment. n/t

[420inTN]

16. Water being wet is "astonishing", says IEA n/t

[formercia]

17. Stockpiling for the next War

just like they have been stockpiling Iron ore and other strategic materials.

[unkachuck]

18. "China's demand for oil jumped by an "astonishing" 28%..."

....when you're the manufacturing capitol of the world, providing global markets with affordable goods and services, it must take beau coup energy....

....I can remember when we were the manufacturing center of the world; before we were sold down the river by a few Dems, corrupt Republicans and greedy corporations....

[yurbud]

19. this is why it's time to accelerate our switch to alternatives as a matter of national security

but of course, corruption trumps that.