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China Apparent Oil Demand Rises in November: Energy Intelligence

OIL

China's apparent oil demand rose in November for a third consecutive month, to 14.70mbpd according to analysis by Energy Intelligence. The demand was the highest level in 11 months and just below the record high from November 2021.

  • The increase was driven by the refining sector which increased activity to capitalise on strong overseas refined product demand and due to China’s additional product exports quotas.
  • Refiners raised their November diesel output by 4.3% from October to a new record high of 4.73mbpd, and increased jet fuel output by 27% to almost 800kbpd.
  • China's diesel exports jumped to 520kbpd in November while jet exports rose 33% to 322kbpd.
  • China's apparent oil demand for the first 11 months of 2022 was almost 400kbpd lower than in the same period of 2021.
Energy BulletsCommodities
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