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Page added on June 15, 2014
China’s energy consumption ‘unrivaled’
China’s demand for oil and natural gas will be unrivaled within the next two decades, analysis from Wood Mackenzie finds.
Paul McConnell, a principal analyst for the energy consultant group’s global trends service, said in a report expanding economies in Asia are growing by the year.
“By 2030 China’s energy consumption will be unrivaled and the center of gravity for global energy demand will have decisively shifted East,” he said in a statement Thursday. “India and the other developing economies of Asia Pacific are also of huge importance.”
The Organization of Petroleum Exporting Countries said in its market report for June the Chinese economy is expected to grow by 7.5 percent, while India’s should expand by 5.6 percent. The global economy should grow by 3.4 percent in 2014, OPEC said.
McConnell said the Asian economic trends mean India and China will become the top destinations for oil, natural gas and coal exports.
“And between 2014 and 2030, energy demand growth in the region will outpace that of North America by five times,” he said.
For 2014, OPEC said it expects more than half of oil demand growth to come from China and the Middle East.
8 Comments on "China’s energy consumption ‘unrivaled’"
Davy, Hermann, MO on Sun, 15th Jun 2014 6:46 am
More MSM imbalances that fail to see the global system is in disequilibrium and social decay. This is nowhere truer than in China and the US. We constantly see the articles on the US so I am not going to regurgitate them here. These two economies make up a solid third of the global economy. China has been on an unsustainable drive at development creating massive pollution, financial (multiple) bubbles, corrupted economy, wealth inequality, and stumbling growth. There is zero chance of China growing like the just out of journalism school author speaks of here. I really get tired of folks in these typical articles we see on this board constantly predicting and forecasting out 15 to 20 years with linear and often exponential forecasts. The world is at limits of growth facing diminishing returns in a state of population overshoot on a massive scale. This is nowhere more evident in China. We do not have another Earth to allow China to make this future growth. China has ruined its environment with soil/water destruction and deadly air pollution. Its growth has been mostly financed by coal. Coal’s growth in China is over with infrastructure bottlenecks, financial bubbles, and the fight against pollution. No other resources will come on line quick enough to save China not NatGas, Nuk, and or AltE. There is just too little time and too much coal to replace. The global economy is in decline for China’s export dependent economy this too will end Chinese energy growth. The end of growth will collapse China because China is addicted to growth for a functioning economy, social stability, and problem management. China’s credit growth is over with the exposure of its government corruption, market manipulation, and disregard for sound accounting. Witness recently reported collateral scandals on a massive and pervasive scale. Trade and confidence will end at the extent we see in China with this bubble deflation in China’s housing, heavy industry overcapacity, and shadow banking. China has been the global systems real culprit in money printing in partnership with the US. It is a different money printing than the US but it is still credit creation. This credit creation is not real and not sustainable. The end is within site for this massive growth explosion we have seen in China. Folks this is credit fueled growth and exploitation of all that was normal in the global system. We now have a global system that will tank because of these Chinese imbalances. We of course know the developed west is a spent force. Europe is a dead man walking. US is a partner with China in bubble creations. Please don’t offer me anymore glowing China stories because it makes me nauseous.
Pops on Sun, 15th Jun 2014 6:50 am
An interesting take here:
http://dissidentvoice.org/2014/06/china-won-the-oil-war-and-the-shale-oil-revolution-is-about-to-shrivel-up/
Bob Owens on Sun, 15th Jun 2014 11:07 am
I am tired of articles that project past trends indefinitely into the future. By 2030 (more like 2020) our world will be totally changed and all these projections will have been thrown into the trash. We can’t even project gas prices 1 year into the future.
Makati1 on Sun, 15th Jun 2014 8:20 pm
I suspect that China (and India,etc.) will still be consuming a lot of oil and NG in the future. 2030 is too far out to make anything except guesses. I see their (Asian) consumption growing for the next few years, especially as China seems to be preparing for a war, either financial or actual, by stockpiling resources, both gold and hydrocarbon.
At this point, it appears that there will be all kinds of new energy arteries in place by 2020 between Eurasia and Asia. That is one huge continent and does not require sea travel for trade exchanges for most items. Russia is the new Middle East for Asia and Putin knows it.
Markus on Mon, 16th Jun 2014 5:34 am
Will “the west” be able to let China take a leading role in Asia without starting a interventionist or proxy war against it, that´s my question ?
Davey on Mon, 16th Jun 2014 7:55 am
Markus, the west just has to sit back while Asia flys apart in overshoot and an Asian civil war over the South China Sea. China itself is unravelling quick economically.
Makati1 on Mon, 16th Jun 2014 8:40 am
Markus, The West has no choice in the matter. It is just a matter of time until Europe turns East for trade and the future.
Davey on Mon, 16th Jun 2014 8:50 am
Mak, they don’t need maids from Asia anymore nor plastic Chinese junk.