(MENAFN- Asia Times) (From Bloomberg)
By David Fickling
Watching the development of India there’soften an assumption the country will follow China’s path. For commodity exports China “is not the only game in town” Australia’s resources minister Josh Frydenberg said in a speech last month citing forecasts of India’s burgeoning demand forpower steel and coal. Here’s one area wherethe two countries could scarcely be more different: oil. You might not think it looking back on a decade in whichBrent crude prices haverisen above $120 a barrel three times and sunk below $40 twice but China’s growth has had a comparatively muted effect on global oil markets.While the country now accounts for about half of the world’s aluminum copper and steel and coal.
Here’s one area wherethe two countries could scarcely be more different: oil.
You might not think it looking back on a decade in whichBrent crude prices haverisen above $120 a barrel three times and sunk below $40 twice but China’s growth has had a comparatively muted effect on global oil markets.While the country now accounts for about half of the world’s aluminum copper and steel production its share of oil demand is arelatively modest 12 percent: Read more
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