HONG KONG, Dec. 21 /PRNewswire/ -- Platts - China's apparent* oil demand in November soared 18.7% from a year ago as the country's economic recovery picked up momentum. November's surge in oil demand marked the third straight month that the world's second largest oil consumer posted double-digit yearly growth in oil demand.

 

Chinese oil demand was estimated to reach 33.67 million mt (8.22 million barrels per day) in November, versus 28.36 million mt a year ago, a Platts analysis of official data showed on December 21.

 

November oil demand was slightly less than the 33.89 million metric tons (8.01 million b/d) seen in October.

 

"China has pulled out all the stops this year to be sure that its economy has performed well throughout the global financial crisis. That has had a dramatic impact on oil demand in the country," said Dave Ernsberger, Platts senior editorial director for Asia. "Lifting demand for oil by double-digits month after month was not Beijing's goal when it injected half a trillion dollars into its economy this year, but it was one of the most significant consequences."

 

The Chinese government's Yuan 4 trillion ($586 billion) stimulus program to boost domestic spending and consumption has resulted in greater use of oil products from naphtha to jet fuel, prompting the International Energy Agency (IEA) to raise its forecast for China's oil demand by about 80,000 b/d on average for both this year and 2010, the agency said in its December monthly report released earlier this month.

 

Meanwhile, China seemed to be tapping into its inventory to feed the strong crude throughput appetite in November as the government reported a drop in both crude imports and production versus October.

 

Chinese customs tallied 17.12 million mt (4.06 million b/d) of crude imports last month, down 11.4% from 19.33 million mt in October. Crude production also slipped 3.6% during the comparison period to 15.67 million mt (3.7 million b/d).

 

The amount of oil products imports last month, at 2.62 million mt, was at its lowest since November 2008, suggesting that the country was looking less to overseas markets to meet domestic oil products requirement.

 

MONTHLY TRADE DATA IN MILLION METRIC TONS:

 

                Nov'09 Nov'08 % Chg Oct'09 Sep'09 Aug'09 Jul'09 Jun'09
    Net crude
     imports     16.70  13.15 +27.0  18.97  16.83  17.92  19.20  16.31
    Crude
     production  15.67  15.84  -1.1  16.26  15.72  16.32  16.14  15.71
    Apparent
     demand*     33.67  28.36 +18.7  33.89  33.80  33.02  34.92  33.35

 

 

 

 

*Platts calculates China's apparent or implied oil demand on the basis of crude throughput volumes at the domestic refineries and net oil product imports, as reported by the National Bureau of Statistics and Chinese customs.

 

The government releases data on imports, exports, domestic crude production and refinery throughput data, but does not give official data on the country's actual oil consumption figure and oil stockpiles.

 

Platts releases its monthly calculation of China's apparent demand between the 18th and 26th of every month via press release and via its website. Any use of this information must be appropriately attributed to Platts.

 

For more information on crude oil, visit the Platts website at www.platts.com. For Chinese-language information on oil and the energy and metals markets, visit http://www.platts.cn/.

 

About Platts: Platts, a division of The McGraw-Hill Companies (NYSE: MHP), is a leading global provider of energy and commodities information. With a century of business experience, Platts serves customers across more than 150 countries. An independent provider, Platts serves the oil, natural gas, electricity, emissions, nuclear power, coal, petrochemical, shipping, and metals markets from 17 offices worldwide. Platts' real-time news, pricing, analytical services and conferences help markets operate with transparency and efficiency. Traders, risk managers, analysts, and industry leaders depend upon Platts to help them make better trading and investment decisions. Additional information is available at http://www.platts.com.

 

About The McGraw-Hill Companies: Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, Platts, Capital IQ, J.D. Power and Associates, McGraw-Hill Construction and Aviation Week. The Corporation has more than 280 offices in 40 countries. Sales in 2008 were $6.4 billion. Additional information is available at www.mcgraw-hill.com.

 

 

SOURCE Platts

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