China maintains robust petroleum demand in Q4

China’s demand for petroleum, including crude oil and oil products, is expected to rise by 9.3% year-on-year to 103 million tons in the fourth quarter, higher than previous years, Gong Jinshuang, an energy analyst with CNPC, predicts. Gong forecasts that China’s consumption of crude oil in the fourth quarter would soar by 10.2% year-on-year to 100 million tons and that oil products will surge by 14.4% to 59.50 million tons. China is building its state petroleum reserves and the oil firms are busy with establishing the commercial reserves in a bid to realize the target of building 3 million tons of oil products’ commercial reserves before this year end and 6 million tons by 2010 and 10 million tons by 2011. (November 23, 2009)