China's thirst for oil hit a new all-time high

Dec 29, 2012 12:00 AM

Chinese oil demand set a record in November, according to Platts.

China's apparent oil demand, as calculated by Platts, rose 9.1% in November to 42.96 million metric tons, or an average 10.5 million barrels per day (b/d), compared to the same period year ago.

The previous record was just last month, when demand hit 41.28 mm mt.

Since July, China has seen only one month of demand decline.

Platts'  senior China analyst Song Yen Ling said consumption makes up only a portion of the surge.

Much of the growth actually came from refineries whose stocks had run low this summer, and demand could moderate in the coming months.

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