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.
 

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Contracts Administrator
Expertise: Contracts Administration
Location: Anacortes, WA
 
Contract Specialist II
Expertise: Contracts Administration
Location: Midland, TX
 
Logistics Coordinator
Expertise: Customer Service|Logistics Management
Location: Marietta, OH
 
search for more jobs

Brent Crude Oil : $51.49/BBL 1.02%
Light Crude Oil : $49.04/BBL 0.59%
Natural Gas : $2.97/MMBtu 1.71%
Updated in last 24 hours