China oil use soars in 1H despite high world prices

Soaring world prices don’t seem to have crimped China’s oil use, with statistics released on Thursday by an industry group indicating that first-half consumption of oil and refined oil products set records.

The China Petroleum and Chemical Industry Association (CPCIA) said that “apparent consumption” of refined products — gasoline, diesel and kerosene — rose 14.6 percent year-on-year to 106 million tonnes, while crude oil use rose 6.3 percent to 183.3 million tonnes.

“Apparent consumption” represents the sum of net imports and output, according to the group, and can be used as a proxy for real consumption excluding inventory.

Xinhua