China's oil demand remains strong with 10% jump in October
20 November 2009
 China's apparent petroleum demand in October jumped 10.2% from a year ago as the world's second largest oil consumer ramped up crude processing rates, even as Beijing released a string of positive economic data for the month.
Chinese oil demand reached an estimated 33.886 million metric tons (mt) last month compared with 30.75 million metric tons in October 2008, according to industry-watchers at energy and commodities specialist, Platts.
October was the second consecutive month that Chinese oil demand posted double-digit growth year over year. The country's oil demand climbed by 12.6% in September from a year earlier.
However, the October demand was just a tad higher than September's 33.8 million mt.
Chinese refineries processed a total of 33.29 million metric tons (7.87 million barrels per day) of crude in October, surpassing the previous all-time high of 33.11 million metric tons set in July.
Vandana Hari, Asia news director at Platts, said: “Chinese industrial production and retail sales rose by more than 16% on year in October according to official data, but the China growth story continues to be driven by domestic demand rather than a recovery in the country's export markets. This raises questions about the shape of its economic recovery after Beijing's stimulus package wears out.”
Hari added: “Among short-term factors, expectations of the government announcing a hike in domestic products prices in late October is said to have spurred stockpiling of fuel, which explains the high refining rates.”
China raised both gasoline and gasoil prices by Yuan 480/mt ($70.30/mt) effective November 10 in keeping with a product pricing mechanism in force since the start of 2009, which tracks a basket of international crude prices to keep domestic fuel rates broadly in alignment.
Meanwhile, higher crude throughput at the refineries in October coincided with a 12.3% spike in crude imports during the month compared with September and an 11.6% slide in refined products imports month-on-month. October crude imports of 19.33 million metric tons represented a 19.6% increase from a year ago and were the second highest monthly purchase by China historically.
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