China’s enormous appetite for oil – one of the biggest drivers behind the rise in oil prices from 2004 onwards – appears set to continue, putting a floor under oil prices for some time to come, industry experts say.
In fact, China’s demand could give even greater support to global prices in the future as the country’s falling domestic production means it will need to secure an ever-greater percentage of its requirements from the international market.
It is expected to do this by forging closer
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