China’s apparent oil needs grow 5.3% in December
Print Edition
CHINA’S apparent oil demand in December rose 5.3 percent year on year to 44.96 million tons, or an average 10.63 million barrels per day, hitting the highest absolute demand on record, global energy information provider Platts said yesterday.
China’s apparent oil demand in 2014 gained 3 percent from a year earlier to an average 10.1 million barrels per day, which was above the 2 percent year-on-year growth in 2013.
Imports of oil products in 2014 tumbled 24.2 percent from 2013 to 30 million tons, the lowest annual level since Platts started tracking Chinese oil demand data in 2005.
Platts said oil product exports from the country rose 4.1 percent to 29.67 million tons.
But China still remained a net importer of oil products despite being a net exporter over the first 11 months of last year.
China’s apparent oil demand climbed through the year, rising to 10.34 million barrels per day in the fourth quarter, buoyed by a seasonal uptick in consumption as well as the government’s monetary easing measures.
In comparison, apparent oil demand reached 9.89 million barrels per day in the third quarter and 9.88 million barrels per day in the first half of last year.
“Oil demand growth this year is expected to be similar to that of 2014,” said Song Yen Ling, an analyst with Platts.
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