MARKET EYE: Chinese Oil Demand Leaps 13%

摘要

China's oil demand in July surged 13% to 8.72 million barrels per day, as crude imports jumped more than 42% to 4.64 million b/d, according to International Oil Daily calculations (IOD Aug.13,p2). But state refiners increased their processing throughput for the month by just 8.3% year-on-year to 33.11 million tons (7.83 million b/d), which suggests the demand increase came because stockpiles were being built rather than because consumption was rising significantly. Moreover, some refineries are likely to have cut their crude runs this month because of oversupply of fuel in the domestic market.