The paradox of slow oil demand/fast economic growth

摘要

China's oil use grew by a mere 3.3% in the first 11 months of last year,although its economy expanded by 9.9%.While the full story will emerge only later,it is likely that end users have been switching from burning fuel oil to natural gas and coal for power generation.With record high oil prices last year,fuel oil use in China is down sharply,single-handedly wiping out most of the growth from the consumption of other products.There could even have been a hint of improving energy efficiency as China has been drawing criticism for its inefficient oil use.