China’s Oil Demand Estimated To Have Increased 13% In November
China's oil demand for November is estimated to have increased 13.1% year-over-year to 38.09 million metric tons (mt), according to research firm Platts.
China's oil demand from January to November is estimated at 393.67 million mt, a 10.7% gain from the year-ago period. The figure surpasses the total apparent oil demand last year, Platts said.
Oil demand estimates were calculated by Platt using official throughput and import figures released by the National Bureau of Statistics and Chinese customs.
In November, crude throughput by Chinese state-owned refiners increased almost 10% year-over-year to 36.65 million mt, according to China's National Bureau of Statistics.
"Sinopec and PetroChina kept refinery run rates high in November after being told by Beijing to ensure sufficient supplies of diesel," said Calvin Lee, Platts' senior writer in China.
Sinopec and PetroChina are China's largest oil producers and are both state-owned.
"Additionally, Chinese state-controlled companies imported more diesel in November to meet demand, although the volume was less than most industry sources had expected," Lee added.
In November, China's diesel imports rose 50.1% year-over-year to 0.15 million mt. However, the figure was much smaller than the amount Sinopec and PetroChina said they would import.
Sinopec and PetroChina both announced in November that it would individually import 0.2 million mt of diesel during the month.
Meanwhile, total refined product imports increased 34.3% year-over-year to 3.52 million mt.
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