China Oil Demand Jumps for Second Consecutive Month
China consumed 33.23 million metric tons of oil in May, up a strong 6% from the same month in 2008, a Platts analysis of official data showed June 18.
The data means Chinese demand has shown a year-on-year increase for a second consecutive month, evidence that demand for fuel in the world's second largest oil-consuming nation is in recovery. In April, Chinese oil demand rose for the first time in six months.
China's own crude oil production slipped by more than 1% in May.
"Falling crude oil production in China means its rebounding demand is having a disproportionally large affect on international oil trading. China imported 17.09 million metric tons -- about 4 million barrels a day of crude oil last month. That was the second highest month of crude oil imports into China, ever," said Dave Ernsberger, senior editorial director for Asia at Platts.