2) China's energy slowdown
China -- the motor of global energy demand since the turn of the century -- is trying to change course. A slowing economy and shift away from heavy industry meant 2014 saw energy consumption grow just 2.6 percent, less than half its recent average and the smallest increase since the Asian crisis of 1998. The country's energy intensity -- the amount of fuel it needs to consume to generate each dollar of GDP -- is getting closer to U.S. and European levels.
If, and BP says it's quite a big if, China keeps a lid on new steel mills and cement factories, it'll have a big impact on global demand in the years ahead.
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