Market survey in China: consumption of oil

Market survey shows that US consume more than China

market survey China

The consumption of oil in the United States progressed more than everywhere else in the world in 2013, China including, notably because of the explosion of the oil of schist, shows a market survey carried out by BP published on Monday.

According to market survey in China, the consumption of oil increased by 400.000 barrels a day ( bpj ) last year, a world record which allows the United States to exceed China, second of the classification with 390.000 bpj additional, for the first time since 1999.

The United States also saw their annual production increasing in a record way for the second consecutive year with 1,1 millions of bpj additional in 2013, show the annual survey of the statistics of the energy realized by BP and considered as a reference.

The consumption of oil in the United States benefited from an expansion of the branch of industry thanks to the resumption of the first economy of the world, explains the chief economist of BP, Christof Ruhl.

Survey on growth in China

market survey in China

China suffered at the same time from a slowing down of its growth, pulled in particular by a reduction in the consumption of diesel oil, traditional reflection of the global economic growth of a country.

Market survey showed that the Chinese figures present however a contradiction. The growth of the consumption so slowed down in 4,7 % in 2013 while the gross domestic product (GDP) increased at the same time by 7,7 %, according to the official statistics.

” In the United States, it is easy to understand: if you have a lot of cheap energy produced locally which feeds the industry, it will be showed in GDP numbers. It is more difficult to explain the slowing down of the figures of the energy in China “, notes Christof Ruhl, in charge of market survey in China.

If the consumption clearly increased in the world in 2013, in particular thanks to the United States, it not by not be the same for the production, which increased only 560.000 bpj, is 0,6 %, notably because of a disorder of the production bound to the geopolitical tensions

Daxue Consulting