The latest Deutsche Bank report forecasts modest growth in China's oil demand over the next twelve months.
A recent report from global banking giant Deutsche Bank has stated oil demand will grow by a meagre 3.4% year-on-year in China, following the nation’s slowest year for oil growth in over a decade. Although demand is slowing, the energy-hungry superpower will still remain the largest contributor to global oil demand on a growth basis, making up 40% of the world's total demand.
The report also indicated that GDP growth in China should pick up in the second half of 2013 and may even reach 8.5% - a marked improvement on this years forecast of 7.5% and a return to the levels of previous years.
According to the bank, China is also expected to bring two new strategic petroleum reserve sites online in the near future; one in south-western Guizhou province, and the other in easter Qingdao province.