Oil Demand In China Has Never Been Higher

Crude oil nose-dived to its 52-week low earlier on Tuesday, breaking the $43 mark.

David Demshur, CEO and President of Core Laboratories N.V. CLB, was on CNBC to discuss the outlook for oil production in the United States. and weigh in on the numbers released by China earlier in the day.

U.S. Oil Production

"We're looking at longer-term trends and already we could see [it] manifested in U.S. oil production," Demshur said. "We project that by the end of the year it's going to be down 500,000 barrels from about 9.5 million barrels a day, which we were producing in April, owing to large natural decline curve rates out of the shale plays that are being developed around the US -- that being the Balkan, the Eagle Ford and plays in the Midland and Delaware basins."

Demand Has Never Been Higher In China

On the demand for oil in China, Demshur said, "Some great numbers out this morning on China. If we look at July imports, they were at 7.2 million barrels a day. They're the second-largest oil buyer in the world behind the US. That was up 29 percent year-over-year and 11 percent year-to-date.

"So, if we compare the amount of crude oil being used in China in 2015, it is up some 12 percent, compared to 9 percent last year, compared to only 4 percent the year before."

"So when we look at China, we've got an economy that went from bicycles to automobiles. So we might be seeing some weakness in China, but certainly on the demand for crude oil and gasoline and refined products, it has never been higher," Demshur concluded.