Clyde Russell: China Oil Demand Growth to Miss Forecasts

Reuters

LAUNCESTON, Australia, Dec 13 (Reuters) - Chinese oil demand this year is virtually certain to miss forecasts by the International Energy Agency and the country's top producer.

Implied crude demand fell 5.1 percent to about 9.94 million barrels per day (bpd) in November from the same month a year earlier, but was 1.5 percent higher than in October and was also the most in five months.

However, the November figures take implied demand for the first 11 months of the year to about 9.76 million bpd, a gain of only 2.1 percent over the same period in 2012.

This is substantially below the IEA's forecast for total demand of 10.19 million bpd in 2013 contained in the agency's monthly report published Dec. 11.

It is also below the 10.28 million bpd forecast in January by top state oil company China National Petroleum Corp (CNPC).

Implied demand is calculated by adding net fuel imports to refinery throughput, but excludes changes in commercial and strategic inventories.

Inventories changes in volume terms aren't disclosed by the authorities, although percentage changes for commercial stockpiles are reported monthly.


1234

View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Financial Reporting Analyst
Expertise: Accounting
Location: Houston, TX
 
Director Downhole Tool Engineering
Expertise: Electrical Engineering|Engineering Manager|MWD / LWD
Location: Houston, TX
 
AP Specialist
Expertise: Accounting
Location: Alpharetta, GA
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours