Chinese May oil consumption up 6% year-on-year
Reports show Chinese oil consumption in May was up year-on-year. May consumption for the world's second-largest oil consuming nation is estimated at 33.23 million metric tonnes (mt), up 6% from May 2008 volumes, PRNewswire quoted independent analysis of official data.
Calculations of oil demand figures are based on crude oil throughput volumes at domestic refineries and net oil imports as reported by China's General Administration of Customs and the National Bureau of Statistics.
These latest figures for May imply that Chinese oil demand has gone up year-on-year for a second consecutive month.
Chinese consumption in April had risen year-on-year for the first time since last October.
The same data pegged Chinese domestic production to have gone down by more than 1% in May.
“Falling crude oil production in China means its rebounding demand is having a disproportionally large effect on international oil trading,” Dave Ernsberger of Platts was quoted saying.
“China imported 17.09 million mt – about 4 million barrels per day (bpd) of crude oil last month. That was the second highest month of crude oil imports into China, ever,” he added.
Calculations of oil demand figures are based on crude oil throughput volumes at domestic refineries and net oil imports as reported by China's General Administration of Customs and the National Bureau of Statistics.
These latest figures for May imply that Chinese oil demand has gone up year-on-year for a second consecutive month.
Chinese consumption in April had risen year-on-year for the first time since last October.
The same data pegged Chinese domestic production to have gone down by more than 1% in May.
“Falling crude oil production in China means its rebounding demand is having a disproportionally large effect on international oil trading,” Dave Ernsberger of Platts was quoted saying.
“China imported 17.09 million mt – about 4 million barrels per day (bpd) of crude oil last month. That was the second highest month of crude oil imports into China, ever,” he added.