Cnooc Boss Raises Prospect That China’s Oil Demand Has Peaked
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The head of one of China’s top oil firms said demand growth will be curbed the rest of this year, and raised the prospect that it may have already peaked forever.
Poorer-than-expected economic data for the second quarter will curb oil and gas demand growth for the rest of the year, Cnooc Ltd. Chief Executive Officer Zhou Xinhuai said on a conference call Friday. Meanwhile, forecasts that China’s oil demand will hit its all-time high this year have gained wide industry consensus, he said.