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33

Strong Chinese economic growth needs more and more oil

Chinese oil demand 12.8% in March as the country's economy returned to rapid growth and refining capacity expanded.

 

Chinese oil demand 12.8% in March as the country's economy returned to rapid growth and refining capacity expanded. Apparent oil demand rose to 8.12 million barrels per day year-on-year according to an analysis of official data by Platts, the China Daily reported. It was the seventh month in a row of double-digit increase in demand for China. But it was short of the all-time high 8.5 million barrels per day set in February.

 

Platts said the increase was helped by new refining capacity at state-owned companies like Sinopec, PetroChina and China National Offshore Oil Corporation. Also driving demand was the resurgence of the Chinese economy, with gross domestic product increasing by 11.9% in the first quarter. Industrial production and gasoline demand were also up during that time.

Source : Upstream