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Oil consumption in China in September increased by 6,2% - Reuters
Estimated oil consumption in China in September increased by 6,2% compared to August to a seven-month peak due to the growth of oil refining, reports Reuters.
Average daily consumption increased to 10,3 million barrels according to Reuters calculations, based on preliminary official data, from 9,7 million barrels in August and 9,61 million in September of last year.
In January-September, demand increased by 2% compared to the same period last year to 9,91 million barrels per day.
The consumption is calculated on the basis of data on oil refining and import of petroleum products, but excluding stocks, information on which comes irregularly.
Since the beginning of the year, the International Energy Agency lowered the forecast of oil consumption in China five times this year. The latest forecast provides for an increase of 2,3% in 2014 and 3,2% in 2015.
The volume of oil refining in September has risen to the maximum level since February 42,02 million tons, or 10,22 million barrels per day.
In September, China increased oil imports by 13,1% by August to 6,7 million barrels per day, and for nine months of 2014, imports increased by 8,3% to 6,11 million barrels per day.