The newly-published data show that Chinese apparent oil demands in August was 41.19 million tons, 9.74 million barrels per day, rising by 3.7% compared with the same period of July which is the highest growth rate in the year. It was notable that China was still a net exporter of refined oil products.
On a monthly basis, Chinese oil apparent demands in August grew by 1.4%, compared with July. In the first 8 month of this year, the whole oil apparent demands increased by 1.2%, compared with the same period of last year.
It is known that diesel accounts for amount of part of domestic whole oil consumption. In August, diesel apparent demands reduced to 14.04 million tons by 1.1% on year-on-year basis. Amount that, export volume grew to 4.1 hundred thousand tons by 4.89% while domestic output increased slightly to 14.45 million tons by 1.3%.
Insiders analyze that diesel is generally used in heavy industry. Owing to Chinese economic growth slowing down, diesel demands have suffered from impact, since the second half of 2012.
Gasoline is another large consumption. Gasoline consumption continues benefiting from automobile inventory and sales volume growing at a high speed. In August, gasoline apparent demands increased to 8.4 million tons by 12%. “Faced with growing demands, oil refineries increase gasoline output and limit export volume.” Platts analyzed. Data show that domestic gasoline output rose to 8.89 million tons by 10.7%, compared with the same period of July while export volume reduced to 4.9 hundred thousand tons by 7.5%.
In August, fuel oil apparent demands recovered Chinese fuel oil apparent demands grew to 2.7 million tons by 34.3% on year-on-year basis. Import volume increased to 1.45 million tons by 23%, which was the highest level in 4 moths.
What needs to be paid attention was that oil apparent demands were increasing. For refined oil products, in 4 moths of the first eight months, China transferred from conventional refined oil products net importer into net exporter.
