China alters oil metrics, OPEC says

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VIENNA, Aug. 10 (UPI) -- Chinese oil consumption, when compared with developed economies, is changing the global demand structure, the OPEC cartel said from Vienna.

The Organization of Petroleum Exporting Countries, in its August report, said the Chinese economic growth forecast for the year was "an encouraging" 8.1 percent. A decline of 0.1 percent is expected for next year in the Chinese economy.

OPEC said that emerging and developing economies like India and China represented 42 percent of the global economy by the start of the last decade. Those same economies, however, are expected to contribute 76 percent to this year's 3.3 percent global economic growth forecast.

"China alone has doubled its oil consumption over the past 12 years," the cartel added.

Developed economies, meanwhile, are demanding 4 million barrels of oil per day less than they were in 2005. This offset suggests demand structure should increase during the third quarter because of seasonal weather patterns for Asian economies.

"Thus, oil prices have become increasingly sensitive to the economic conditions in these dynamic regions, particularly China," the report read.

Globally, world oil demand growth for 2012 remains unchanged, however, at 900,000 barrels per day.