Chinese demand adds to shortage fears

Oil prices firmed again this week once again on the back of the impending OPEC quota cuts, especially as Saudi Arabia cut April supplies to Asia and global majors by 8-11%, much larger than expected, but also with the International Energy Agency (IEA) saying that China's booming economy would fuel faster-than-expected growth in world oil demand this year.

12 March 2004
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London's Brent crude jumped 76 cents at US$32.75 a barrel, after falling US$1.30 in the first three sessions of the week, while US light crude was 75 cents higher at US$36.

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