The head of the International Energy Agency has said China has become the world’s largest energy user, having overtaken the United States.
Nobuo Tanaka, the executive director of the Paris-based IEA, told an industry conference, "China is now the largest energy consumer by our definition. Probably half of the oil demand increase comes from China. Nobody knows when it will slow down."
China is not a part of the IEA but the agency monitors the country as its oil demand can have a significant impact on prices.
Tanaka said Iraq, which has just revised up its estimates of proven oil reserves by 25%, could have a major influence on the oil market. Reuters reported Tanaka as saying, "Iraq can be a game changer. We need Iraq oil."
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