OPEC doesn't expect China's oil demand to slump, says Kuwaiti official

OPEC does not expect China's oil demand to slump along the trajectory of past declines seen in OECD countries, according to a senior Kuwaiti official.

Nawal Al Fezai, OPEC Governor for Kuwait, told delegates at the Gulf Intelligence Energy Markets Forum in Fujairah, UAE, that the producers' group sees stable sustainable economic growth in China, even if it does not match the 7% per annum rate Beijing is hoping for.

Despite expectations of lower oil importation by China, the country has continued to import on average seven million barrels per day in every month of 2015 for which data has been published, except the month of May.

Al Fezai admitted OPEC depends on China to a great extent as one of its leading importing clients. “But, I think fears about a slump in Chinese demand are exaggerated, and I don’t see it falling to the extent that it did in Europe in wake of the financial crisis,” she added.

Al Fezai declined comment on whether OPEC would call an extraordinary meeting before its scheduled summit in December. “All I can say is that in volatile times such as these, OPEC would be patient.”