Chinese Oil Demands Grew Greatly in September

Posted: 10/29/2014 02:10:44   Hits: 786
On October 27, the newest analysis of Platts showed that Chinese oil demands increased to the second highest level in September. The growth rate was the highest record in 15 months. In September, Chinese oil demands were 42.34 million tons (10.35 million barrels per day), growing by 7.4%, compared with the same period of last year.
Analysts pointed out that previous stimulus measures (including loosen credit controls) adopted by Chinese government, summer fishing off season in Chinese water areas ending and autumn harvest of agricultural departments supported domestic oil demands in September.
On a monthly basis, Chinese apparent oil demands in September increased by 6.2%, compared with August. In the first 9 months, overall apparent oil demands were 9.95 million barrels per day, growing by 1.8%, compared with the same period of last year.
Data newly published by China’s National Bureau of Statistics showed that amount of finish of oil in oil refineries in September increased greatly to 42.02 million tons by 9.1%, about 10.27 million barrels per day. It was the second highest record in history. It was also the third time that amount of finish of Chinese oil refineries exceeded 10 million barrels per day. 
Data of China General Administration of Customs showed that import volume of refined oil products in September declined greatly to 2.47 million tons by 18.8% while export volume rose slightly to 2.15 million tons by 0.5%. In September, net import volume of refined oil products was only 300 thousand tons, reducing by 64%, compared with last year. However, China was still a net importer of refined oil products. 
In September, Chinese apparent demands of diesel increased to 14.46 million tons by 4.7% on year-on-year basis, which was the highest growth rate since September 2012. Domestic production of diesel rose to 14.68 million tons by 5.8% on year-on-year basis. Total export volume was 230 thousand tons, which is the lowest level since November 2013. In September, China imported 10 thousand tons of diesel, while import volume was 0 in the same period of last year.
Chinese Oil Demands Grew Greatly in September
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