China’s oil needs hit “second highest level since 2005”

Chinese demand for oil in September shot to the second-highest level since 2005, estimate Platts analysts. Apparent oil demand in September rose to 42.34 million metric tons (mt), or an average […]

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By Vicky Ellis

Chinese demand for oil in September shot to the second-highest level since 2005, estimate Platts analysts.

Apparent oil demand in September rose to 42.34 million metric tons (mt), or an average 10.35 million barrels per day (b/d).

That’s a jump of 7.4% from the same month a year ago, suggests the analysis of Chinese government data.

The analysts put this down to previous “stimulus measures” at the local government level, such as loosening of credit controls, the lift of an annual summer ban on fishing in China’s waters, plus autumn harvest activity in the farming sector.

China’s oil demand also rose 6.2% last month compared with August. Across the first nine months of 2014, the Asian superpower’s oil demand was 9.95 million b/d, a boost of 1.8% from the same period last year.