China's oil demand rose to the highest on record, reaching 42.96 million metric tons (mt) in November. The demand averaged 10.5 million barrels per day, according to a recent report from Platts, a more than 9 percent increase from oil demand seen in November 2011.
Using recently released statistics from China's National Bureau of Statistics, Platts said oil refinery throughput also reached a record high, to 10.17 million b/d in November, an increase of 9.1 percent compared to last November. This and the increase of net oil product imports contributed to the rise in oil demand, the article stated.
"The strong growth in November came from a recovery in consumption but part of it was also likely due to domestic refineries keeping their runs high to replenish oil product stocks that were run down in summer," said Platt's writer for China Song Yen Ling, in the article. "According to sources, demand growth could moderate to around the 5 percent level going forward once refiners have replaced these stocks."
Reuters reported oil demand in China rose more than 7 percent in November compared to October.