China oil demand growth

China oil demand seen rising 10.9% in March compared with the previous year but down 4.0 percent from February as refiners produced less fuel and falling net imports.

The following table shows implied oil demand for March, net imports and
output. All volumes are shown in barrels per day.

Implied     Percent change on:        12-month

demand     previous       year        moving
(Net imports + output)                         month         ago        average
Crude ("Crude supplied")       9,162,450        -1.8         3.2      8,990,501
Gasoline                       1,683,118        -6.1         8.3      1,688,526
Naphtha                          642,156        -7.8        11.9        672,328
Kerosene                         302,411       -29.6        10.9        390,356
Diesel                         3,288,831        -7.8         9.9      3,286,604
Fuel oil                         720,704        -0.4         7.7        637,567
Lubricating oil                  250,417        22.9         5.4        212,206
LPG                              699,783        -6.3       -15.8        748,166
OVERALL OIL DEMAND             9,146,846        -4.0        10.9      8,944,453

Net       Percent change on:        12-month

Imports     previous       year        moving

month         ago        average
Crude                          5,024,057        -3.0         2.7      4,865,666
Gasoline                        -127,908         5.1       -21.1       -120,331
Naphtha                           61,647        16.7        94.6         52,059
Kerosene                         -69,982      -343.1       -14.4         15,873
Diesel                           -40,495    127093.5       -15.8        -44,700
Fuel oil                         355,343        13.6        29.2        260,420
Lubricating oil                   63,901        22.7       349.8         45,345
LPG                               34,841        31.3       -11.1         72,312
Products subtotal                277,346       -21.1       146.1        281,951

Percent change on:        12-month

Output      previous       year        moving

month         ago        average
Output (BARRELS PER DAY)
Crude                          4,138,394        -0.2         3.9      4,124,836
Gasoline                       1,811,026        -5.4         5.5      1,808,856
Naphtha                          580,510        -9.8         7.1        620,269
Kerosene                         372,394        -7.0         5.1        374,483
Diesel                         3,329,326        -6.7         9.5      3,331,304
Fuel oil                         365,361       -11.0        -7.2        377,147
Lubricating oil                  186,516        22.9         4.3        162,750
LPG                              664,942        -7.7       -16.0        675,854
Refinery runs                  8,869,500        -3.4         9.0      8,662,502

* Reuters calculates China's oil demand by adding the total amount of crude refined during the relevant period, as reported by the National Statistical Bureau, to net imports of major oil products reported by Customs.

This strips out any changes in crude oil inventories, which are rarely
reported in China.

It also does not take into account the 1-2 percent loss in overall product volume created by the refining process. Nor does it include the small amount of crude that is directly burned as fuel at oil fields or power stations or that is used by small, unreported 'teapot' refineries.

Demand by product is calculated by the refinery output for each product plus net imports.

Source