China’s reaches 9 million b/d in apparent oil demand

China’s apparent oil demand in December rose to 0.7% year-on-year, reaching 41.02 million metric tons or an average of 9.69 million barrels per day (b/d), according to Platt’s analysis of statistics recently released by the Chinese government. Last December’s apparent oil demand was the highest level reached in the country, but it was the second time during the year that the rate of increase fell below 1%. This drop off in oil demand growth during the second half of 2011 pulled the annual growth rate to 6.1% in 2011, down from 11.3% in 2010.
Despite the low numbers, 2011 was a record year for the world’s second largest consumer because it marked the first time that oil demand reached 9 million b/d for a whole year. However, the rate of increase in 2011 was lower than 2010’s 11.3% growth. “High crude throughput and strong net refined product imports continue to lift the apparent oil demand, outweighing the slower growth rates and the recent drop-offs in gasoline and diesel consumption,” Calvin Lee, Platts senior writer for China explained. (January 22, 2012)