China’s apparent oil demand rose by 5.3% year on year, to 44.96 million metric tonnes (Mt) according to new data.
The figures from Platts, show the highest absolute demand on record, since they first started tracking China’s oil demand in 2005.
In 2014 demand rose by 3% to an average of 10.1 million barrels/day (b/d), which was higher than the 2% that was seen in 2013.
Total oil products imported in 2014 took a tumble by 24.2% to 30 million Mt. This is the lowest level recorded for a decade.
However exports from the country increased 4.1% to 29.67 million Mt. As a result China’s has remained a net importer of oil products despite being a net exporter during the first 11 months of 2014 said the report.
Song Yen Ling, Platts’ senior writer for China said: “Oil demand growth this year is expected to be similar to that of 2014.
“China’s economic growth is likely to continue slowing, with many analysts predicting GDP expansion this year to average below 7.5%.”