Financial Post: Chinese Data Suggests Strength for Crude Oil

“The idea that emerging markets will be the key source of demand growth for crude oil in the coming years is nothing new. However, the latest import demand data from China underpins this development. The country processed a record 374.6 million metric tons of crude in 2009, or 7.5 million barrels a day (bpd), according to China Mainland Marketing Research. China may boost refining capacity by more than 10% by 2014, which would lead to higher oil imports, according to estimates from Poten & Partners.”