DUBAI: It is prominently becoming evident that oil imports from China and India are declining, although it will be taking time to judge is this is due to seasonal factors or structural reason, said Ali Obaid Al-Yabhouni - UAE OPEC Governor and the General Manager of ADNATCO and NGSCO. The shipping subsidiaries of Abu Dhabi National Oil Company (ADNOC) has stated that the oil market will not be imapcted by the latest chapter in the international economic crisis.
While addressing the Middle Petroleum and Gas Conference (MPGC 2011) here, Mr Yabhouni, said, “After several years in which attention was focused on supply, it is now evident that we need to keep a close eye on demand, despite the fact that emerging economies have accounted for the bulk of the oil market’s demand growth over the last few years, notably China and India. HSBC’s recent China Flash Purchasing Managers Index showed the Chinese factory sector contracted for a third consecutive month last month, as both new orders and new export orders fell on slack global demand.”
Mr Yabhouni has also stated that the current forecasts which proposed that China’s economy will grow at 9% during 2011, and India’s growth will be around 7.7%.