Chinese Oil Demand is Surging

A spate of stories in the last few weeks told the remarkable tale. China’s business newspaper The Standard notes Oil demand growth accelerates to 13.5%.

Apparent oil demand leapt 13.5 percent last month from the year-ago level to 6.5 million barrels per day, according to calculations based on official data.

That was the fastest rate since 2004, when overall demand grew around 15 percent, and exceeded last month’s 10.8 percent rise as imports of fuel oil surged and gasoline exports slumped, both indicators pointing to increased domestic needs.

Some analysts said the figures were also lifted by refiners stockpiling oil in hopes of more profitable sales later.

The Oil Drum