Friday, September 18, 2015

Fears about a slump in Chinese oil demand are exaggerated – OPEC official

FXStreet (Mumbai) - Speaking at the Gulf Intelligence Energy Markets Forum in UAE on Friday, OPEC Governor for Kuwait, Nawal Al Fezai told delegates that OPEC does not expect China's oil demand to slump along the trajectory of past declines seen in OECD countries.

Al Fezai added that the producers' group sees stable sustainable economic growth in China, even if it does not match the 7% per annum rate Beijing is hoping for.

Al Fezai admitted OPEC depends on China to a great extent as one of its leading importing clients. "But, I think fears about a slump in Chinese demand are exaggerated, and I don't see it falling to the extent that it did in Europe in wake of the financial crisis," she added.

Al Fezai declined comment on whether OPEC would call an extraordinary meeting before its scheduled summit in December. "All I can say is that in volatile times such as these, OPEC would be patient."
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