Buy custom As China grows, will our pumps run dry?
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| Topic: |
Business
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| Number of pages / Number of words: |
5 / 1179 |
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World oil production is at an all-time high, but so is world demand. OPEC could indeed produce the extra couple of a million barrels, and the non-OPEC countries could produce their extra barrels, but total world capacity is now uncomfortably close to current demand. Even more barrels of oil can be produced, but it would need both time and money...
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Even more barrels of oil can be produced, but it would need both time and money. China is becoming a normal advanced industrial society, but an industrial society of more than one billion people. China already uses nearly 30 per cent of world steel and 40 per cent of world cement. How is China's demand for oil to be fitted into a limited world supply?
In itself, Chinese manufacturing growth is probably the most secure, but China depends on the availability of commodities, particularly oil, and on the continued strength of US demand for Chinese products...
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As China grows, will our pumps run dry?
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