Chinese oil demand rises

On the rise: China's implied oil demand rose to its fourth highest level on record

China's implied oil demand rose 4.9% in February from a year ago to the fourth highest level on record despite a holiday lull that pulled apparent consumption down from the third-highest posting on record in January.

China consumed roughly 10.14 million barrels per day of oil last month, according to Reuters' calculations based on preliminary government data.

February's growth rate, however, was the slowest since September, partly because of a high base a year ago, when demand hit its second-highest on record to that point.

Fuel demand in China, a key driver for global oil markets for more than a decade, rose at its slowest rate in four years in 2012 as the world's second-largest economy expanded less rapidly. Demand started to recover modestly from late last year amid…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index