China needs to prepare for long-term high oil price

China needs to prepare for long-term high oil prices, said Chengyu, general manager of China National Offshore Oil Corporation, at a seminar on the theme "International commodity market conditions and price movements", the news of the Securities daily. In China, for example, the developed world now consumes 17 barrels of crude a year per capita, about 2.35 barrels in China, 22.18 barrels in the U.S. and 10 times times that in China, he said. If our developing countries were to refer to consumption levels at 1/3 per cent of the global average, global oil growth would require 20 million barrels a day, which would not be possible under high oil prices.