According to preliminary statistics released by China’s official authorities, Reuters estimated that China’s oil demand declined by 0.8% in August from the previous month, which was the lowest growth rate during the year. Plant maintenance and accidents affected refinery production, but it was a 7.8% increase from the same period last year. .
Since May, China’s fuel consumption momentum has gradually declined and its growth rate has dropped. It has no longer maintained a double-digit increase since last year because of rising crude oil costs and lower refining profits. In addition, the government’s tightening of credit has also led to a reduction in fuel expenses.
According to the estimates of the International Energy Agency (IEA) last month, despite slowing demand growth, China’s demand will still account for about 46% of the increase in global oil demand this year.
China’s apparent demand for August was approximately 8.94 million barrels, an increase of 7.8% from the same period of last year, but it was the lowest level so far this year. This measure does not count the changes in the oil inventory that the Chinese government rarely publishes.
Dai Jiaquan, an oil market expert at PetroChina, said that “the growth of oil demand in the coastal areas has slowed down, but demand in the central and western regions has accelerated.â€
Dai said that as predicted by PetroChina earlier this year, overall, oil demand in 2011 is still expected to achieve a growth rate of approximately 6%.
Refinery production control was the key factor behind the decline in apparent demand in August, as several refineries were refurbished and several refinery accidents led to further production cuts.
China's refinery processing capacity for crude oil in August increased by 4.5% year-on-year, the lowest increase in the past two years. The crude oil processing volume for the month was the second lowest in the year.
However, industry insiders predict that demand will stabilize or increase in the coming months as some new refineries are put into use and old ones are completed.
According to the season, with the end of the fishing season, the start of autumn harvest and construction companies continuing normal construction work after the rainy season, Chinese fuel demand should accelerate from September.
Sinopec (0386.HK:) will take the lead in increasing crude oil processing capacity in the coming months, when it will start production of 260,000 barrels of new equipment at two refineries in Changling, Hunan and Beihai, Guangxi.
Sinopec, which announced its results at the end of August, stated that it plans to increase the processing volume of crude oil in the second half of this year, which is 5% higher than that in the first half of the year.
Since May, China’s fuel consumption momentum has gradually declined and its growth rate has dropped. It has no longer maintained a double-digit increase since last year because of rising crude oil costs and lower refining profits. In addition, the government’s tightening of credit has also led to a reduction in fuel expenses.
According to the estimates of the International Energy Agency (IEA) last month, despite slowing demand growth, China’s demand will still account for about 46% of the increase in global oil demand this year.
China’s apparent demand for August was approximately 8.94 million barrels, an increase of 7.8% from the same period of last year, but it was the lowest level so far this year. This measure does not count the changes in the oil inventory that the Chinese government rarely publishes.
Dai Jiaquan, an oil market expert at PetroChina, said that “the growth of oil demand in the coastal areas has slowed down, but demand in the central and western regions has accelerated.â€
Dai said that as predicted by PetroChina earlier this year, overall, oil demand in 2011 is still expected to achieve a growth rate of approximately 6%.
Refinery production control was the key factor behind the decline in apparent demand in August, as several refineries were refurbished and several refinery accidents led to further production cuts.
China's refinery processing capacity for crude oil in August increased by 4.5% year-on-year, the lowest increase in the past two years. The crude oil processing volume for the month was the second lowest in the year.
However, industry insiders predict that demand will stabilize or increase in the coming months as some new refineries are put into use and old ones are completed.
According to the season, with the end of the fishing season, the start of autumn harvest and construction companies continuing normal construction work after the rainy season, Chinese fuel demand should accelerate from September.
Sinopec (0386.HK:) will take the lead in increasing crude oil processing capacity in the coming months, when it will start production of 260,000 barrels of new equipment at two refineries in Changling, Hunan and Beihai, Guangxi.
Sinopec, which announced its results at the end of August, stated that it plans to increase the processing volume of crude oil in the second half of this year, which is 5% higher than that in the first half of the year.
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