MARKET EYE: China's Q1 Oil Demand Held Momentum

摘要

China's demand for oil in March averaged 9.28 million barrels per day, representing an increase of 9.54% over the same month last year, according to calculations prepared by International Oil Daily. The data suggest that rather than the slowdown anticipated by the central government, economic growth continues to barrel ahead. In the first quarter of this year, apparent demand averaged 9.52 million b/d, up 10.21% year-on-year. This was buoyed by refinery runs, which were also up 10.2% to 9.08 million b/d. In addition, net product imports were nearly 440,000 b/d, also an increase of more than 10%.