China’s Impact on Oil Markets

Authored by: John Calabrese

Handbook of Oil Politics

Print publication date:  December  2011
Online publication date:  January  2012

Print ISBN: 9781857435832
eBook ISBN: 9780203851012
Adobe ISBN:

10.4324/9780203851012-28

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Abstract

China’s spectacular economic growth over the past three decades has significantly altered its position in both regional and global oil markets. The International Energy Agency’s (IEA) June 2010 Oil Market Report states that “China’s urgent need for energy supply to sustain economic growth and raise the wellbeing of its people has become a global market issue.” 1 In an interview reported in The Wall Street Journal, IEA chief economist Fatih Birol went further, contending that China’s economic ascent marks the beginning of “a new age in the history of energy.” 2

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