Chinese oil demand is on course to account for 16% of the world's new consumption, down from 30% last year, with experts suggesting that the soaring demand of 2004 was an anomaly, exacerbated by conditions that are on the wane, the Wall Street Journal reported. The waning factors include an easing of power shortages, rising domestic crude production and declining auto sales due to tighter credit and higher gas prices. Oil-hungry industries such as aluminum production are also slowing due to government measures to preempt an overheating economy; meanwhile, Beijing is promoting fuel-efficiency policies.
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