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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Winners of International Seafarers' Welfare Awards

The winners of ISWAN's International Seafarers' Welfare Awards 2016 were announced on 24th June at a high-profile ceremony held in Manila, the Philippines. The

Maritime Needs More Women Power

United Nations  International Maritime Organization (IMO) Secretary- General Ki Tack Lim pushed for the increased involvement of women in the seafaring industry

Energy

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money

Fuels & Lubes

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Klüber Synthetic Gear Oils Offer Max Efficiency

Klüber Lubrication, manufacturer of specialty lubricants, provides high-performance gear oils that are based on high-grade raw materials and advanced additives,

Alfa Laval Announced Plans for SMM 2016

At SMM 2016, Alfa Laval will mark the 100th anniversary of its first marine separator, and present marine customers with more new solutions.   Over the course of a century,

 
 
Maritime Careers / Shipboard Positions Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1012 sec (10 req/sec)