China’s SUVs to Drive Oil Demand Growth, Bernstein Says
This article is for subscribers only.
China’s growing fleet of sport utility vehicles will offset gains in fuel efficiency and continue to drive oil-demand growth, according to Sanford C. Bernstein Research.
Chinese oil consumption will increase at an average annual pace of 5 percent to reach 12.9 million barrels a day in 2018, from 9.6 million barrels a day in 2012, the investment research company said in a report e-mailed today. Its forecast is higher than the International Energy Agency’s outlook for a 4 percent average annual increase for the same period.