Thursday 9 June 2016

China’s oil demand fell by 1.3% in April

China’s oil demand fell by 1.3% in April

Oil demand in China fell by 1.3% in April compared to a year earlier.

It accounted for 11.3 million barrels per day (b/d), according to new figures released by S&P Global Platts.

Oil demand registered its third consecutive month of negative growth due to a decline in gasoil and fuel oil use amid a slowed Chinese economy.

The country's oil demand averaged 11.15 million b/d during the first four months of the year -  a 0.3% reduction compared to the same period last year.

S&P Global Platts estimates China's oil demand for this year to grow by less than 2%.

Song Yen Ling, Senior Analyst at Platts China Oil Analytics said: "Despite the fact that refineries have reduced domestic gasoil production by 2% on a year over year basis in 2016, exports have more than quadrupled during the same period, at the same time refiners have reported sluggish domestic sales of gasoil."

Written by

Bruna Pinhoni

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