China's demand for oil reached new record in November

China oil

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.

PennEnergy's research area offers details on the oil market in China.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs