China’s demand for oil exceeded 10 million barrels per day for the first time last November, the Wall Street Journal reported, citing a report by the International Energy Agency. Apparent oil demand in China increased 15.1% year-on-year in November, hitting 10.2 million barrels a day. Much of this demand was ironically caused by Beijing’s attempts last autumn to cut back power to inefficient factories in order to meet energy efficiency targets at the end of the last Five-Year Plan. Disconnected from the grid, factories installed diesel generators and began importing oil. Thus the IEA forecasts that gasoil demand should ease going forward since the Chinese government has already declared that its emissions and energy targets have been met.
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