China Oil Demand Growth Slows

Press Release DNB/Helix Media
Sunday, November 25, 2012

China's demand for oil in October 2012 was meaningfully weaker that it was the previous month.

The detailed Chinese oil data for October were reported yesterday. Calculated demand adjusted for inventory changes came in at 9.5 million b/d. This was meaningfully weaker than demand in September which was calculated at a record 9.76 million b/d. Chinese oil demand has hovered close to the 9.5 million b/d level since March.

If you want to make a bullish twist to that number you would use worlds like “Chinese oil demand continue close to record high levels”, or “Chinese oil demand surpassed 9.5 million b/d for only the 5th time in history”. The reality is however that it is the growth numbers we are mainly interested in when it comes to China. After all we are talking about the country that has been behind 0.5 million b/d of the 0.8 million b/d average global oil demand growth for the latest 5 years.

Diesel demand, which is more connected to industrial production and the investment cycle than gasoline and jet fuel, has grown on average 187 kbd the last ten years. For comparison the same number for gasoline is “only” 97 kbd. Year to date diesel demand is however up only 73 kbd in 2012 and the latest two months shows diesel demand was down 182 kbd in September and up a meagre 18 kbd in October.

The above is felt to confirm that oil demand growth related to industrial production and the investment cycle is likely to show weaker growth numbers in the coming ten years than what we have seen in the past ten years.


 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Coast Guard Foundation to Honor USCG in Miami

The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Maritime Broadband Opens Office in Greece

Maritime Broadband has expanded its worldwide footprint by opening an office, Maritime Broadband Hellas, in Athens, Greece. The new office addresses the growing

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Energy

PES to Begin Operating Benzene Terminal in November

Philadelphia Energy Solutions plans to start operating a new benzene offtake terminal next month at its 335,000-barrel-per-day refinery in Philadelphia, two people familiar with the plans said.

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Fuels & Lubes

LNG America, Buffalo Marine to Design LNG Bunker Fuel Network

LNG America announced it has entered an agreement with Buffalo Marine Service, Inc. (Buffalo Marine) to cooperate on the design of an LNG bunker fuel network for the U.

Maersk to Bump Asia-Europe Rates

Container shipping company Maersk Line, a unit of Danish conglomerate A.P. Moller-Maersk , plans to raise freight rates sharply on main routes from ports in Asia to ports in northern Europe,

Weathernews Opens Manila Operations Center

Filipino marine professionals employed to meet demand for service from the shipping industry Weathernews Inc. announced it has established a new operations center

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1366 sec (7 req/sec)