American oil company Exxon Mobil has reduced its forecast for energy consumption in China by 10%. Demand for fuel in this country is one of the most important factors determining oil prices

Exxon forecasts China's energy demand will grow 2.2% annually through 2025, 10% less than the company previously expected. As The Wall Street Journal notes , the total reduction is equivalent to the annual oil consumption in Brazil.

Exxon believes energy demand in China will peak by 2030. The company's vice president of strategic planning, Bill Colton, noted that there is no direct connection between the change in forecast and the assumption that China's working-age population has peaked.

Overall, Exxon projects that by 2040, global energy demand will increase 25% from 2014 levels as hundreds of millions of people in developing countries achieve levels of wealth that allow them to consume more energy, drive cars and use air conditioning. air.

On Monday it became known that diesel fuel consumption in China in 2015 decreased compared to last year. After the release of these data, oil prices fell by 7.4% to $29.80 per barrel, writes WSJ.

The publication recalls that last week the consulting company ESAI Energy released a study claiming that the rate of increase in oil demand in China for the period until 2030 will be more than half that of the period between 2000 and now.

In 2015, the Chinese economy grew at its slowest pace in a quarter of a century. The country's GDP increased by 6.9%, energy consumption increased only by 0.9%. According to analysts, if this situation with Chinese demand continues, then, combined with market oversaturation, this will call into question the stability of oil and gas companies around the world, writes WSJ.

Exxon lowers forecast for China's energy demand