China's apparent oil demand in December rose 18% year over year to a record 40.73 million metric tons (mt), or an average 9.6 million b/d, with both crude throughput and net oil product imports rising, according to Platts' analysis of the latest official data.
Oil demand in December was also up 7% from November's 38.09 million mt, or 9.3 million b/d, the previous record high. For all of 2010, China's apparent oil demand rose 11.43% year over year to a record 434.40 million mt, or an average 8.71 million b/d, Platts' analysis showed.
Chinese state-owned refiners processed 38.72 million mt of crude oil in December, up 11.92% year on year and a rise of 5.64% from November, according to data released Thursday by China's National Bureau of Statistics. In 2010, Chinese refiners' crude throughput rose 12.89% year on year to 423.05 million metric tons.
FACTS Global Energy expects China's oil demand to increase to an average 9.5 million b/d in 2011 as the Chinese economy continues to expand and the consumption of transportation fuels increases. "The last two months when China has hit oil demand records are proof in point of the country's apparent insatiable appetite for oil and transport fuel," said Thomas Hogue, Platts news director for Asia.
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