Labourers work at a refinery in Jingmen in central China’s Hubei province in December 2006. The pick-up in Chinese manufacturing and growing demand for electricity will boost global demand for oil. Photo: Reuters
Neal Kimberley
Opinion

Opinion

Macroscope by Neal Kimberley

One reason oil prices might buck the downward trend – demand from China

  • With global growth predicted to slow, oil prices are expected to drop. However, disruptions to oil supply due to factors such as US sanctions on Iran and Venezuela, and rising electricity consumption in China, could cause a rise in prices

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Labourers work at a refinery in Jingmen in central China’s Hubei province in December 2006. The pick-up in Chinese manufacturing and growing demand for electricity will boost global demand for oil. Photo: Reuters
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Workers at the Liaohe oilfield of China National Petroleum Corp, in Panjin, northeast Liaoning province. Chinese oil giants will be spending big this year to boost output. Photo: AP Photo

China’s big three oil giants PetroChina, Sinopec and CNOOC to spend US$77 billion on boosting output from old fields

  • Most of the state-owned energy firms’ capital expenditure will go on lifting production from costly wells and ageing fields
  • Analysts say the higher expenditure is likely to worry investors
Topic |   Energy

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Workers at the Liaohe oilfield of China National Petroleum Corp, in Panjin, northeast Liaoning province. Chinese oil giants will be spending big this year to boost output. Photo: AP Photo
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