China's oil demand rises on year-on-year basis

Oct 22, 2010 01:00 AM

China's apparent oil demand in September rose 5.1 % year on year to 35.53 mm tons or an average of 8.68 mm bpd, according to Platts' analysis of data from the People's Republic of China. However, September demand is almost unchanged from August's 35.54-mm tons level. Meanwhile, China's apparent oil demand in the first nine months of the year totalled 317.7 mm tons or an average of 8.52 mm bpd, up 10.25 % from the same period of 2009, according to Platts' data. Chinese refiners processed a total 34.91 mm tons or an average 8.53 mm bpd of crude in September. This is up 6.35 % from a year ago, but just 0.52 % higher than August, according to data released by the country's National Bureau of Statistics on Oct. 21. The refiners' collective crude throughput from January to September was 310.74 mm tons, 13.48 % higher from a year ago. Chinese crude imports in September hit a new historic high of 23.29 mm tons, or around 5.7 mm bpd. "The crude available to China in September, including domestic production and net imports, was 40.09 mm tons, but the throughput was only 34.91 mm tons. So a little over 5 mm tons of crude presumably went into storage, the highest in a month so far this year," said Vandana Hari, Asia editorial director at Platts. "At the same time, China's monthly refined product imports continued to come off June's high of 3.64 mm tons, while the country stepped up product exports in September. The flattening of implied oil demand in September could be a precursor to an easing of the country's runaway oil demand growth rate for the remainder of 2010."

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