China’s implied oil demand falls to 22-mth low

China’s implied oil demand in August fell 0.8 percent from a year earlier to 8.92 million barrels per day (bpd), the lowest since Oct 2010, Reuters calculations based on preliminary government data showed on Monday.

The daily rate was 3.7 percent, or 340,000 bpd, lower than the 9.26 million bpd in July, Reuters figures showed.

Implied demand is a combination of crude oil throughput and net imports of refined oil products, ignoring stocks changes, which are seldom disclosed by the government.

Reuters