China’s oil demand surges 28% in January

The International Energy Agency (IEA) has revealed China’s demand for oil soared by an “astonishing 28% year-on-year in January”.

According to the IEA, global oil demand this year will be fuelled by non-OECD countries – with non-OECD Asia representing half of all growth.

China’s thriving economy has seen oil imports surge and earlier this week, OPEC said Chinese daily oil demand has soared by nearly 2 million barrels in five years to hover around the 8.6 million barrels per day mark.

Oil is currently at its highest point for two months with crude oil around the $82 a barrel mark, while Brent North Sea crude is around the $80 a barrel.

Meanwhile, in its monthly report, Paris-based IEA said oil demand will average 86.6 million bpd this year – 1.6 million bpd more than in 2009.

According to the IEA, after five straight quarters of decline, “the latest data confirm that global oil demand resumed growth on a yearly basis in the fourth quarter of 2009.”

It added: “China is currently expected to account for almost a third of global oil demand growth in 2010,” the IEA said.