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

People & Company News

Dool to Serve as Chair of SLSMC Board

The St. Lawrence Seaway Management Corporation (SLSMC) announced that Tim Dool has been named as Chair of the Board of Directors, effective September 1. Dool was

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

Scrap Metal Exporter Pens Terminal Agreement

Port Canaveral Scrap Terminal LLC (PCST), a bulk ferrous scrap exporter, has signed a lease with the Canaveral Port Authority to operate a terminal in the north cargo area at Port Canaveral.

Energy

East and South China Sea Disputes Need Creative Diplomacy

China and the United States appear headed for a damaging confrontation over the extent of China's territorial claims in the South and East China Seas. Now that

Iraqi Kurdistan Oil Shipments Reach 8.8m Barrels

Iraqi Kurdistan has shipped 8.8 million barrels of oil from the Turkish port of Ceyhan since May, Turkish Energy Minister Taner Yildiz said, as the autonomous region

BMT WBM to Showcase TUFLOW at World Bank Seminar

BMT WBM ( (BMT), a subsidiary of BMT Group Ltd, a leading international engineering and risk management consultancy, is delighted to announce that it will be presenting

Fuels & Lubes

Iraqi Kurdistan Oil Shipments Reach 8.8m Barrels

Iraqi Kurdistan has shipped 8.8 million barrels of oil from the Turkish port of Ceyhan since May, Turkish Energy Minister Taner Yildiz said, as the autonomous region

Rosneft and AVTOVAZ Strengthen Strategic Cooperation

Rosneft President, Chairman of the Management Board Igor Sechin and AVTOVAZ President Bo Inge Andersson signed an Agreement of development of strategic cooperation,

Ecospeed Fuel and Cost Saving Solutions at SMM

Ecospeed announced it will exhibit its line of fuel and cost saving solutions at SMM in Hamburg. Ecospeed and fuel savings Routine in-water cleaning results

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Sonar
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: 0.1745 sec (6 req/sec)