Chinese Demand for Oil the 2nd Highest Ever
China is already the 2nd largest consumer of oil in the world, and figures released recently for November suggest their demand for oil and gas is not letting up.
China's demand for oil in November was the second highest ever recorded, with domestic refineries working around the clock to meet local demand.
The figure is based on implied oil demand, which itself is a combination of crude runs and net oil product imports. This demand rose 1.7% on November 2010's figure. That equates to 9.5 million barrels per day.
This consumption was 4.2% higher than October's figure. Because of the increase in demand the country imported 8.5% more crude oil than November 2010, bringing in 5.52 million barrels per day. This figure was up 13% on last month.
In 2012, China's oil demand would be strengthened by not only commercial demand but also SRP purchases. It is expected that China will resume strategic restocking for its Phase 2 tanks (with capacity of 20M barrels) in Dushanzi.
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