Monday, December 21, 2009

China's Oil Demand for November Up by 18.7%

According to Platts, China's apparent oil demand in November soared 18.7% from a year ago as the country's economic recovery picked up momentum. November's surge in oil demand marked the third straight month that the world's second largest oil consumer posted double digit yearly growth in oil demand. Chinese oil demand was estimated to reach 33.67 million mt (8.22 million barrels per day) in November, versus 28.36 million mt a year ago, a Platts analysis of official data showed on December 21. November oil demand was slightly less than the 33.89 million metric tons (8.01 million b/d) seen in October.

"China has pulled out all the stops this year to be sure that its economy has performed well throughout the global financial crisis. That has had a dramatic impact on oil demand in the country," said Dave Ernsberger, Platts senior editorial director for Asia. "Lifting demand for oil by double digits month after month was not Beijing's goal when it injected half a trillion dollars into its economy this year, but it was one of the most significant consequences".....Read the entire article.

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