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‘’Rock Solid’’ Chinese Demand Boosts Oil Prices

The oil market is dramatically tighter than it was only a few months ago, driven by both supply cuts and outages, as well as by the surprising “resilience of demand,” according to the International Energy Agency.

“In China, the economy seems to be reacting to the government’s stimulus measures with purchasing managers’ indices increasing and export orders recovering, although there are signs that air cargo volumes might be falling,” the IEA said, noting that while demand is strong there are a wide range of outlooks from various analysts and agencies. “Preliminary oil demand numbers for the January-February period show solid growth of 410 kb/d year-on-year.” India also saw demand grow by 300,000 bpd, while the U.S. added 295,000 bpd driven by a surging petrochemical sector.

Solo Oil PLC (LON:SOLO) is an investment company with the target of acquiring a diverse global portfolio of direct and indirect interests in exploration, development and production oil and gas assets, both on-shore and off-shore.

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