CHINA’S apparent oil demand in May rose 8.2 percent from a year earlier to 43.8 million tons on the back of growing market across all oil product categories, according to a latest Platts analysis of Chinese government data.
“This was the fastest pace of growth since June 2013, when demand grew by 11.53 percent,” said Mriganka Jaipuriyar, Platts analyst for Asia oil. “Demand for all key products showed year-on-year increase in the month.”
During the first five months of this year, China’s total apparent oil demand averaged 10.45 million barrels per day, up 5.2 percent from the same period of 2014. This marked the fastest pace of year-to-date growth since 2011 and defied a weak macro-economic outlook.
China’s refinery throughput in May averaged 10.38 million barrels per day, up 7.4 percent from 2014, data from the National Bureau of Statistics showed.
On the other hand, China was a net oil product exporter of 120,000 tons in May, according to latest data from the General Administration of Customs.
Demand for gasoil, the most widely consumed oil product in China, has been hit in the last three years because of declining economic growth. Yet apparent demand in May grew by a robust 7.4 percent annually to 15.39 million tons.