24 December 2014 – Chinese oil demand rose by 3.5% in November year-on-year to more than 10.31 million barrels per day, according to a Platts analysis.Government data showed that China was a net exporter of oil production during the January to November period.
Platts said stimulus measures implemented by the Chinese government and a seasonal uptick in year-end demand helped boost consumption.
From October to November, demand grew by 2.2% to 70,000 million tonnes exported.
Total demand during the first 11 months of the year was 9.99 million barrels pd, an increase of 2.3% over the same period last year.
Platts senior write China Song Ling said the refiners requested more oil product quotas from the government over the fourth quarter.
This was mostly to accommodate additional jet fuel exports because of robust production growth,” she said.
Fuel oil demand inched up 1% year-on-year in November, while over the first 11 months, fuel oil looked as if to drop.
*Bianca Bartucciotto – Upstreamonline