China's Ever-Growing Oil Needs May Result In A Global Shortage
It's nice to have a red-hot economy like China's that's hitting on all cylinders. But where will it keep getting the gas to fill its tank? And will there be enough to go around?
On Tuesday, China said its GDP rose a faster-than-expected 9.5% in 2004 to a record $1.65 trillion.
China's demand for crude has grown even faster. Its oil imports hit a record 12.1 million tons in December. For 2004, they soared nearly 35% to 122.7 million tons.
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Visits to China, India, Malaysia and Pakistan are significant because the trip spells out the Saudi Kingdom's Look East policy, representing a new reorientation in its foreign policy that was heavily tilted toward the West.
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